Less Than Zero: The Case for a Falling Price Level in a Growing Economy

by George Selgin

Overview

In this new edition of his highly praised 1997 book, George Selgin argues that monetary policy should not have the goal of price stability, but should aim to allow prices to move in-line with movements in productivity (the so-called "productivity norm"). Radical and contrarian, this hugely original book remains a mini-classic.

Product Details

ISBN-13:	9781948647106
Publisher:	Cato Institute
Publication date:	09/18/2018
Edition description:	2nd Edition, with a New Foreword and Preface ed.
Pages:	188
Product dimensions:	5.00(w) x 7.00(h) x 0.43(d)

Table of Contents

Foreword to the 2018 Edition by Scott Sumner

Preface to the 2018 Edition by George Selgin

Foreword to the 1997 Edition by Colin Robinson

Acknowledgements

Summary

I Introduction

II Productivity and Relative Prices

III Debtors and Creditors

IV Historical Implications of the Productivity Norm

V The Productivity Norm in Practice 101

VI Conclusion

Appendix: Productivity Norms

and Nominal Income Targets

References

Index

Editorial Reviews

"Selgin's monograph should become required reading for every central banker."
-- DAVID BECKWORTH, Senior Research Fellow with the Program on Monetary Policy at the Mercatus Center

"In Less Than Zero, George Selgin cuts through the confusions that govern most thinking about monetary policy. It changed my thinking about deflation and inflation when it was first published, and it may do the same for yours."
-- RAMESH PONNURU, Senior Editor, National Review

From the Publisher