Eliezer_Yudkowsky comments on Mathematicians and the Prevention of Recessions - Less Wrong
You are viewing a comment permalink. View the original post to see all comments and the full post content.
You are viewing a comment permalink. View the original post to see all comments and the full post content.
Comments (131)
Hence the standard belief that reluctance to lower nominal prices, or delay in lowering nominal prices, is key (along with nominal debt contracts) to explaining the observed fact that deflation is destructive of RGDP, which is why Scott Sumner's blog is called "The Money Illusion".