Quote from: Impaler on December 31, 2013, 10:11:32 PM

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You argument that deflation doesn't matter is absurd particularly when applied to Japan, IF that economy had continued to grow the 99% would have been the primary beneficiaries, they would have seen living standards grow to perhaps the highest in the world. The disaster is the difference in what could have been and what actually happened.

Now apply the same deflationary economy to an highly UN-equal society and you will actually ratchet DOWN the wealth and standard of living of the 99% as every downward dip will pick the pocket of the worker and every recovery is funneled to the 1%. An unequal society only lets the common man improve his living standards when their is an all out BOOM, that's why we have such a huge emphasis on achieving high growth.

http://www.nationsonline.org/oneworld/human_development.htm - the Japanese are about the same as the rest of us. If GDP were higher, the Japanese rich would have bigger yachts.

You look at Japan and think that they could be so much better off if they had higher GDP. I look at Japan and see that they have a fine standard of living with full employment, a fine health system and long lifespans.

I don't think we will agree as you think that growth can improve living standards for all of society and I think growth can only benefit those who have capital.