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George A. Selgin

Less Than Zero: The Case for a Falling Price Level in a Growing Economy Paperback – September 18, 2018

by George Selgin (Author)

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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.

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Editorial Reviews

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"Selgin's monograph should become required reading for every central banker."
-- DAVID BECKWORTH, Senior Research Fellow with the Program on Monetary Policy at the Mercatus Center

"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, Senior Editor, National Review

Product details

Publisher ‏ : ‎ Cato Institute; 2nd Edition, with a New Foreword and Preface ed. (September 18, 2018)
Language ‏ : ‎ English
Paperback ‏ : ‎ 188 pages
ISBN-10 ‏ : ‎ 1948647109
ISBN-13 ‏ : ‎ 978-1948647106
Item Weight ‏ : ‎ 6.4 ounces
Dimensions ‏ : ‎ 5 x 0.43 x 7 inches

Best Sellers Rank: #1,621,764 in Books (See Top 100 in Books)
- #166 in Economic Inflation
- #1,009 in Money & Monetary Policy (Books)

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M. Molina

Highly recommended reading

Reviewed in the United States 🇺🇸 on December 4, 2012

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Short but sweet book. It packs a lot of info into a small amount of space. It also makes use of analogy to illustrate concepts, which is nice. Selgin does a great job talking about why deflation is not *always* bad and that you don't even have to go outside of conventional economics to see it, as can be illustrated with the usual Aggregate Supply and Demand diagram. He then goes on talking about how this in the context of an economy with a central bank and what policy might allow for benign deflation. His conclusion is that a productivity norm would be more effective - targeting the growth rate of NGDP (not the level of NGDP as some economists are talking about these days). According to less than zero, this would allow the benefits of reduced production costs to be more readily visible to us in the price level and would prevent macroeconomic disruptions caused by the central bank (for if the central bank targets the price level, it could create a bubble in response to benign deflation by stimulating aggregate demand)

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Junglies

Should the Price Level be allowed to fall?

Reviewed in the United States 🇺🇸 on March 14, 2002

The Editorial Director of the Institute of Economic Affairs, a London based think tank, records in his forward to Professor Selgin's book that the counter-revolution in economics has resulted in a revival of classical liberal ideas. Later he notes that the central argument of the book, is a monetary policy that permitted prices to vary with changes in productivity ie a productivity norm. The author, in his research, claims that the idea was considered by 19th century thinkers but was almost lost under the tidal wave of Keynesian ideas.
This paper finds particular relevance at the moment when interest rates in the United States and Japan are close to zero.
Professor Selgin begins the book with a note on the current view of monetary policy being directed at achieving a price level at or close to zero. The idea of monetary expansion as a means of achieving full employment has been discredited. He introduces his concept of a variable price level with reference to a productivity norm and establishes basic ideas about productivity.
From here he begins to develop his concept in greater detail, looking at the case for a zero price level before moving on to consider the issue of productivity and relative prices. The argument he develops uses historial evidence as well as a little formal analysis involving 4 Aggregate Supply/Demand diagrams but the level of rigour is not too onerous for the general reader.
A brief chapter considering the effects of a productivity norm on contracts between debtors and creditors before Professor Selgin moves to the Historical Implications of a productivity norm. In this chapter he sets out a number of examples from history whereby falling price levels were considered to be signs of depression and rising ones to be a sign of excessive monetary expansion. In each case he sets out to establish whether or not these were actual depressions and in each case he discovers that the facts reveal otherwise.
In the penultimate chapter, the practical implications of a productivity norm are considered. In his concluding remarks, Professor Selgin considers why this proposal has not enjoyed more support from the professional economic community.
This book deserves serious consideration and should be on the reading list of every student of macroeconomics, public policy makers and your everyday central banker. The text, at times alittle dry, is challenging buy mainly user friendly. Well worth persisting with.

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