Less Than Zero

In this book, George Selgin challenges the conventional wisdom that monetary policy should aim for price stability.

He argues that a falling price level, driven by increases in productivity, is more beneficial for economic growth.

Selgin uses historical evidence and theoretical analysis to support his argument, known as the 'productivity norm.

' He contends that this approach would provide more honest price signals, reduce monetary distortions, and lead to better economic outcomes.

The book has been praised for its originality and remains relevant in discussions on monetary policy.