The late 1800s (1865-1900) experienced persistent deflation of about 2-3 percent per year, yet nominal GDP, nominal wages, and per-capita GDP all increased, implying the standard of living improved substantially despite persistent deflation.
factualpending
Speaker
George GammonEvidence Quote
“we had a deflation of about maybe two percent three percent per year but nominal gdp actually went up so did nominal wages...per capita gdp...the standard of living would have increased tremendously”
Source
Jim Grant (Interest Rate Cycles, Are Today's Events Unprecedented? Price Signals, Economic History)— George GammonCreated: 8/11/2026, 8:07:54 AM
My Notes
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