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To increase my understanding of Austrian economics I wanted to compare the views of the inflationists and the deflationists. Some propose that the most likely scenario to happen in the (near) future is high- or hyperinflation while others argue that deflation might occur. Deflation: Bank assets decline...
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Let's say widgets have been selling like gangbusters and it is a trillion dollar industy. People spend 1 trillion per year on widgets. Let's say 10,000,000 people are employed in the industry. All of a sudden, something happens and no one wants widgets anymore, they decide to save their money...