Do you mean that if we had some renaissance banks during the 19xx until 2022, gold coins instead of our modern currencies, no stock exchanges, no financial whatever and maybe all retro economical entities you can think of… would we be in a different position?
You cannot blame the theory, you cannot blame the system… we have a saying in Italy: opportunity makes the thief. Blame the people, not abstract entities.
I wasn't try to. I'm saying "modern economic theory" isn't really a position of strength to reason from. It's not like economists have done a good job at anything. Endless unsustainable growth, a disaster of a financial system, every natural incentive is completely upside down and inequality keeps rising.
Is a deflationary system better or a solution? I don't know.
To my knowledge, no large society in the past two centuries, regardless of economic systems, has been a particularly good steward of natural resources. You're going to have to do better than that.
Deflationary currencies have been an abject disaster in all fronts, and there is nothing particularly contentious about them from even the most contrarian of positions.
You cannot blame the theory, you cannot blame the system… we have a saying in Italy: opportunity makes the thief. Blame the people, not abstract entities.