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b'George Selgin, director of the Cato Institute\\u2019s Center for Monetary and Financial Alternatives, makes the case that central banks, rather than focusing on the price level or inflation rate, should instead allow inflation to reflect changes in productivity growth. According to this productivity norm, deflation can actually be a good thing if it reflects improved productivity. Selgin examines the Great Deflation of the late 1800s and dispels some of the popular myths surrounding that period. He also discusses what the Fed got wrong in the lead-up to the recent financial crisis. David\\u2019s blog: http://macromarketmusings.blogspot.com/ David\\u2019s Twitter: https://twitter.com/DavidBeckworth Georg Selgin\\u2019s Cato archive: http://www.cato.org/people/george-selgin George Selgin\\u2019s Twitter: https://twitter.com/georgeselgin Links from today\\u2019s show: http://www.iea.org.uk/sites/default/files/publications/files/upldbook98pdf.pdf https://www.minneapolisfed.org/research/sr/sr331.pdf http://voxeu.org/article/historical-look-deflation http://hope.dukejournals.org/content/27/4/705.full.pdf+html (subscription required)'