"While the experience of the nineteenth century proves that long-term growth can proceed apace even while deflation raises the value of money, business and investment strategies must be adjusted to the unfamiliar realities of deflation – that is, debt should be avoided; savings and cost reductions should be pursued with greater urgency; long-term contracts and compensation packages should probably be drawn with flexible nominal terms."
This is another of the controversial implications from
The Sovereign Individual: Mastering the Transition to the Information Age![](http://www.assoc-amazon.com/e/ir?t=whisp-20&l=as2&o=1&a=0684832720)
by James Dale Davidson & Lord William Rees-Mogg, Simon & Schuster, 1997
Is it really so?