As a counterpoint, you should consider Hayek&#x27;s critique of the Paradox of Savings:<p><a href="https:&#x2F;&#x2F;mises.org&#x2F;library&#x2F;hayek-paradox-saving" rel="nofollow">https:&#x2F;&#x2F;mises.org&#x2F;library&#x2F;hayek-paradox-saving</a><p>The &quot;deflation makes people not spend&quot; is a hand-wavy argument.  There is zero empirical evidence for it.