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Updated: May 9, 2025
Science is prostituted to deceive the public by cloaking the increasing deterioration in quality of merchandise. The blatant medium of advertising has become so mendacious as to defeat its own purpose. In the recent deflation in commodity values, there was widespread "welching" among business men who had theretofore been classed as reputable.
It would mean a general shrinkage of values, a deflation of prices, a reduction of wages, a general depression carrying our people down to the low standard of living in our competing countries.
This alternative meant a continuation of what is loosely called "deflation", the net result of which would have been extraordinary hardships on all property owners and, incidentally, extraordinary hardships on all persons working for wages through an increase in unemployment and a further reduction of the wage scale.
The level of employment at which inflation does not accelerate the non-accelerating inflation rate of unemployment or NAIRU is susceptible to government policies. Vanishingly low inflation bordering on deflation also results in a "liquidity trap". The nominal interest rate cannot go below zero. But what matters are real inflation adjusted interest rates.
Here we see a deflation from the ordinary habits of the smallpox, as it has been observed that the presence of the measles suspends the action of the variolous matter. The result of all my trials with the virus on the human subject has been uniform.
The orator quoted a speech of Algernon de Wiggs before the Chamber of Commerce, declaring that the restoration of prosperity, especially in agriculture, depended upon "deflation," and this alone; and suddenly James, the carpenter with a religious streak, launched forth: "Go to now, you rich men, weep and howl for your miseries that are coming upon you!
A subsidised press began earnestly to demand lower cost in productions retrenchment in expenditure, a cut in labour costs, a general and united effort to meet the inevitable burden of deflation.
Its growth rate has leveled off and it has developed a mild case of deflation. In previous centuries, Europe exported its excess labor and surplus capacity to its colonies an economic system known as "mercantilism". The markets of central, southern, and eastern Europe West Europe's hinterland are replete with abundant raw materials and dirt-cheap, though well-educated, labor.
But something went wrong with the arrangements. A strong wind caught the ungainly airship, she dipped her nose into the water, and as the motor was set going she was driven deeper into the lake, the vessel only being saved by hurried deflation. Six weeks were occupied in repairs, but another ascent was made on January 17th, 1906. The trials were fairly satisfactory, but inconclusive.
It is well to note, as an inexorable corollary of Law I, that prices can rise only if demand exceeds supply, and fall only if supply exceeds demand; and hence that it is only through the agency of changes in the demand for and supply of commodities and services that an inflation or deflation of the currency can influence the price level.
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