If you missed this book, you might want to pick it up as a primer to help you understand the pros and cons of contemporary economics. Reading it challenges our knowledge of economic realities. The Price of Tomorrow: Why Deflation is the Key to an Abundant Future by Jeff Booth (Stanley Press, 2020) argues that rapid technological progress such as solar energy and artificial intelligence requires a new economic model to solve our current economic problems.
These new technologies will bring about deflation by lowering prices and creating unemployment that is beneficial in the long run. Accepting deflation as a viable condition does away with inflation where prices always rise, creating fundamental conflict. According to Booth, only by accepting deflation will we be able to avoid destruction brought on by the convergence of technology, debt, and spiraling inflation which has given us today’s political turmoil characterized by populism and political polarization.
Booth gives us a lot to think about; he says as much by asking big questions, discussing the merits of Bitcoin, and identifying potential obstacles to change.
This is a little book with big ideas; a must read.