RE: Tech's Greatest Contribution: Massive Deflation

I appreciate the counter-narrative, but I'm not sure you really explained it at all. Just a bunch of hand-waving. How does technology provide inflation resistance?

I think there's a more fundamental reason that excess dollar printing hasn't impacted prices as predicted. The dollars just don't enter the economy the same way that ordinary cash (or cash equivalence) does.

And technology could be a factor, but it's not the only sector. As a given sector expands, this leads to more perceived investment opportunities. We see this all the time. It's called malinvestment when there's excess printing as compared to true opportunity. When there's enough malinvestment in a concentrated sector or sub-sector, we see it as an asset bubble.

Essentially, asset bubbles help mask the effects of inflation or at least delay the direct, obvious effects of rising prices.