I have recently written that the statists rely on a bunch of hobgoblins to frighten people and (as Mencken put it), “make them clamorous to be led to safety” by the politicians.
Wal-Mart is one of those hobgoblins. Inequality is another. And so is the fear of deflation. Professor Richard Ebeling argues in this essay that there is no need to worry about deflation unless it’s brought about by government policy.
