Less Than Zero
The Case for a Falling Price Level in a Growing Economy
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.
Praise for Less Than Zero
“Anyone interested in monetary issues needs to read this book.” —Scott Sumner
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, National Review
About the Author
George Selgin is a senior fellow and director of the Center for Monetary and Financial Alternatives at the Cato Institute and Professor Emeritus of Economics at the University of Georgia. His research covers a broad range of topics within the field of monetary economics, including monetary history, macroeconomic theory, and the history of monetary thought.