Down with deflation!
Paul Seabright, 12 December 1996
“... into accepting real wage cuts while refusing to take money wage cuts. More moderately, Mervyn King of the Bank of England devoted part of this year’s ESRC lecture, and an article in the Guardian, to warning against Akerlof, because although there was no evidence on the question either way, ‘monetary stability would surely do more good than ... ”