The majority of wealth is owned by the top 5%. Are they really spending a significant fraction of that wealth on computers? Deflation is never about what people buy, it's what they keep.
>I would argue deflation has been the most significant driver of the IT industry in the last 30 years
No it hasn't. The IT sector drives deflation and there is nothing wrong with productivity improvements. You just got cause and effect backwards.
>and in turn has been one of the greatest drivers of prosperity in that same period. As computers become cheaper, more people can afford more them and more value is added to society.
Inflation increases future incomes. If computers cost the same but you get higher salaries that's a good thing.
The majority of wealth is owned by the top 5%. Are they really spending a significant fraction of that wealth on computers? Deflation is never about what people buy, it's what they keep.
>I would argue deflation has been the most significant driver of the IT industry in the last 30 years
No it hasn't. The IT sector drives deflation and there is nothing wrong with productivity improvements. You just got cause and effect backwards.
>and in turn has been one of the greatest drivers of prosperity in that same period. As computers become cheaper, more people can afford more them and more value is added to society.
Inflation increases future incomes. If computers cost the same but you get higher salaries that's a good thing.