We have history that we can learn from where we’ve had deflation and could observe the effects. The wealthy are the ones not buying products in deflationary environments, or otherwise big ticket purchases for the rest of us. Those big purchases involve a lot of money changing hands, but above and beyond that, there’s also a lack of capital investment, because the investor has no incentive to do anything except to put their money under their mattress, once again not circulating it. If there’s constant low inflation, the investor is guaranteed to lose money keeping it under their mattress but has a good chance at making more money by investing it into companies who use it to hire people and produce things that people want to spend money on.
Do you think that every article written about inflation just happens to forget that prices are still rising? Or do you think there’s a reason there are basically no economists anywhere arguing that deflation is what we should have instead?