"Take a razor to the debate on deflation"

An article published in the Financial Times asks how should the unhelpful deflationary panic be combated and suggests that a very low level of deflation would be far from catastrophic in any case.

First published in the UK edition of the Financial Times on 4 July, by Samuel Brittan.

The fashionable shock-horror word is now "deflation". The European Central Bank in particular is often accused of pursuing deflationary policies. Faithful readers will know that I was intensely suspicious of this

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