Today, I will explain the effects of deflation in the small, medium and long term. To summarise, deflation is seen by economists and governments as dangerous insofar as it can lead to a depression or to a "deflationary crisis".

The 2020 Nobel Prize in Economics (October) is awarded to the Americans: Paul Milgrom and Robert Wilson for their work on auction theory, more precisely "for improvements to auction theory and inventions of new auction formats".

Endogenous growth is a theoretical model of self-sustaining economic growth. In this approach total factor productivity (TFP) is not a "residual", but has to be explained by the behaviour of economic agents who accumulate different kinds of capital.

The choice of the producer (or company) can be based not only on the nature of the production combination but also on the volume of production (the quantities to be produced).