[Rodica]

zefciu:
Ja się pytam, dlaczego ludzi nie stać na duże mieszkania i skąd się bierze popyt na mikroapartamenty.

Proszę zatem wskazać historyczny przykład, gdzie społeczeństwo zyskało na deflacji

Mam problem z wklejeniem linku do całego tekstu, nie wiem czemu.

Historical Examples of Deflation
An example of deflation occurred in the US in the nineteenth century. Between 1800 and 1900, the price index dropped by 50 percent (from 150 to 100). “Despite” this deflation, the nineteenth century was marked by great economic growth in the US (an increase in the productivity of industries and falling prices). This is precisely what happens in a deflationary economy (or, in this case, one that tends towards deflation). From 1815 to 1914, the US was in a gold standard (read pp. 89–92 of this book), which is deflationary.

There were only a few inflationary periods, such as the Civil War in the 1860s. According to Patrick Newman (p. 497), during the Civil War, Congress established the national banking system. Both state and national banks were able to pyramid credit on the same set of lawful money reserves through the use of interest paying interbank deposits. This credit expansion led to a depression in the 1870s (1873–79), as explained by the Austrian business cycle theory.

The credit expansion was still happening in the depression period (which, according to Newman, must be considered between 1873 and 1875 because the data at the time were based on nominal series and there was little access to aggregate economic information) and signs of contraction began to appear, resulting in bank runs, which led to a credit crunch. In addition, there were no fiscal or monetary stimulus during the depression. For this reason, according to Newman, the recovery was faster, as the economy was able to reallocate resources efficiently.

Singapore is also a good example. Although it is not in a gold standard, its exchange rate policy is less inflationary than the floating exchange rate policy (adopted by most central banks, including the Fed and the European Central Bank).

As of 1981, the MAS (Monetary Authority of Singapore), Singapore's central bank, began to interfere only in the exchange rate (as mentioned by Leandro Roque at 20:11), controlling the value of the Singapore dollar (SGD) in relation to a basket composed by the currencies of the main economies of the world, increasing and reducing the monetary base through purchases and sales of assets, respectively. The goal is to have a currency that continuously appreciates against the others.

Therefore, the MAS does not act by setting a target for the interest rate, leaving it to be mostly determined by the market. Thus, investments tend to be more sustainable in the medium and long term (since they tend to be financed by savings). This contributes to sustainable economic growth, with less intense recessions. The result was that between 1982 and 2005 the SGD was the currency that lost less purchasing power in the world, surpassing even the Swiss Franc (CHF).

Hence, the inflation rate remained low (increasing significantly only in some brief periods). At some points, there was even deflation (inflation rate below 0 percent).

When it became independent from Malaysia in 1965, Singapore adopted high economic freedom, which led to the surging of private companies that were very competitive in the global market, and to a high standard of living. The government adopted a policy of low public spending and low taxation, almost nonexistent bureaucracy, and few regulations. The less inflationary policy of the MAS is one of the main (if not the main) factors that contributed to Singapore's performance.

Conclusion
Deflation is only bad for the government. In a deflationary economy, it cannot tax people indirectly via inflation and it can’t use monetary policy to artificially boost the economy and get votes before there is the inevitable recession. Consumers (mainly the poorer) and entrepreneurs are the ones who benefit from deflation (due to lower prices and larger profit margins, respectively).