| Deflation is defined as: >a decrease in the general price level of goods and services In the Gutenberg era of paper based processes and hierarchies, as stated in your cited speech, a reduction in the price of goods and services is seen as a bad thing. This is no longer the case. The assumption of scarcity of renewable physiological resources (level 1 of Maslow's hierarchy) is no longer valid: >In technology's "invisible" world, inventors continually increase the quantity and quality of performed work per each volume or pound of material, erg of energy, and unit of worker and "overhead" time invested in each given increment of attained functional performance. This complex process we call progressive ephemeralization. In 1970, the sum total of increases in overall technological know-how and their comprehensive integration took humanity across the epochal but invisible threshold into a state of technically realizable and economically feasible universal success for all humanity. -Buckminster Fuller In the era of electric automation, deflation flips into ephemeralization because everything is increasingly/exponentially produced better, faster, and cheaper. A reduction in the general price level of goods and services is the purpose of automation. This is why goal #2 of maintaining stable prices is now obsolete and self-defeating. It completely ignores automation and renewable resources. |