[ajmurmann]

> not the fact that things are cheaper

In these discussions it's easy to forget that it's not only things that get cheaper or more expensive. Services and people's salaries also adjust the same way. With deflation your salary will also go down.

[thaumasiotes]

That's the point of what I called "the necessary refinement". If there is more stuff, stuff gets cheaper without a matching decrease in your salary. If there is less money, stuff gets cheaper and there is also a matching decrease in your salary.

But in either case, the problems associated with deflation come from the actions people take to prepare for it, not from the consequences of it having already happened.