[ekianjo]

So you would have to assume that investments would be worthless in a non inflationary state which is a big stretch of the imagination. You think there were no tech revolutions and investments going on while everyone was at the gold standard?

[actionablefiber]

Non-inflationary and deflationary are different terms, with my point strictly referring to the latter, so it would help for you to specify.

Deflation means what it sounds like - goods, assets, wages generally trending downward over time. Yes, I posit that this has a chilling effect on recirculating money into investments, because you get worse odds on a positive return on any investment you make vs. just doing nothing.