Balaji Srinivasan

For example, there's a new process, the Haber process.

It makes ammonia cheaper to produce.

That should bring down your costs.

That's a great example of technological innovation reducing costs.

All the stuff that we have on the internet is reducing costs in the digital realm.

It's so much cheaper to search for flights.

You don't have to go to a travel agent to look up medical advice or something like that with an AI agent.

All those things are deflationary.

The alternative to Keynesianism is essentially the idea of technological hyper deflation that actually we should accelerate.

that actually everything should get cheaper every year.

Houses should get cheaper.

Everything should get cheaper.

And the Keynesian would say, no, no, no.

If everything gets cheaper every year, this is another reason they say not to do it.

They say everyone would hoard their money.

If something got cheaper next year, why would you buy it ever?

You would just wait for it to get cheaper.

You would hoard your money.

There would be no economic activity.

That's their theory.