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In Debt, Innovations, and Deflation, the authors analyze the deflation theories of Thorstein Veblen, Irving Fisher, Joseph A. Schumpeter, and Hyman Minsky. In so doing, they develop a paradigm for understanding the phenomenon of deflation. They explain how technological, organizational, and financial innovations, combined with developments related to the creation and use of debt, give rise to conditions in which both deflation and inflation can be present in the modern economy.

The past several years have ushered in a new era in economic policy issues. After decades of concern over inflation, a series of studies brought to light the potentially greater danger of deflation. In response, the authors provide a critical re-examination of the literature and theories of deflation. A driving question behind the research is whether post-World War II capitalist economies rely on economic policies and institutional reforms to keep an inherent tendency toward deflation in check? And can the theories of Veblen, Fisher, Schumpeter and Minsky shed light on how the creation and use of debt can create a modern economy affected simultaneously by deflation and inflation?

Scholars and students of economic history and finance will enjoy this insightful examination of the subject.

Debt, Innovations, and Deflation is an interesting, enriching read for any non-economist curious about the origins of deflation in the 20th and early 21st century American economy. I would also wholeheartedly recommend this book to any undergraduate studying the field of economics.
– Zachary Nixon, Heterodox Economics Newsletter

J. Patrick Raines and Charles G. Leathers have produced a remarkable book on a very timely subject. . . the book is a valuable contribution to the literature on the causes of deflation, and how it has been treated by the Fed. – Fadhel Kaboub, EH.NET

J. Patrick Raines

Dr. J. Patrick Raines is both a Professor of Economics and the Dean of the College of Business Administration at Belmont University. He earned his B.A. in Economics, M.A. in Economics, and Ph.D. in Economics all from the University of Alabama.

Dr. Raines has published more than twenty articles in prestigious academic journals in his field of economics. His research interests include economic models of institutions of higher education, debt and deflation in the U.S. economy, and behavioral finance. His latest book published by Elgar Publishing Ltd. in the summer of 2003 was entitled The Economic Institutions of Higher Education. His third book should be released in 2008. Since assuming the dean’s position at Belmont University, new undergraduate degree programs have been added in entrepreneurship, economics and international business.

Charles G. Leathers

Charles G. Leathers is Professor of Economics at University of Alabama.