Mr. Selgin is an associate professor at the University of Georgia and author of the Institute for Economic Affairs Hobart Paper, Less Than Zero: The Case for a Falling Price Level in a Growing Economy.
IT'S official: We should all start worrying about deflation. That, at least, is the message most listeners took from Alan Greenspan's January 3 speech before the American Economic Association. The Consumer Price Index rose only 1.7 per cent last year, and, if critics of its current ...