Balaji Srinivasan

So you can get around liquidity traps.

So this is the whole argument for why they inflate or whatever, by simply adding a decimal place in the digital realm.

So anyway, that's a whole separate point.

Coming back, the premise of Keynesianism is that lots of inflation is bad.

But deflation is also bad.

And deflation, by the way, for the average person, under normal circumstances, they would think of deflation as good.

Why?

Things get cheaper every year because of technological improvements.

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.