Is inflation a problem? Quality of life should be the true bottom line.

Sunrise. Image from my smartphone at the end of the hallway in public housing outside my studio apartment. Hallway lights reflected on window glass to the right.

Republicans have won some elections being propelled by public concern about inflation. Some folks would like to roll back prices to pre pandemic levels, but that would be deflation; something associated with depression. Be careful what you ask for cause you might get it.

Deflation can lead to much less consumer spending as consumers postpone purchases till the price comes down farther; not necessarily always a bad thing, but be careful what you ask for. In the computer field, we have already had deflation, but consumption does continue. For decades, advancing technologies have lower prices while increasing capabilities. This trend is often called "Moore's Law."

Moore's Law has not lead to a total collapse of spending as people still buy things in order to use them. Waiting years, before buying a computer or smartphone, while waiting for a better deal, means going without the use of such devices for years. People buy anyway and then upgrade when the newer models become available.

There is still a brisk enough consumer market, in electronics, so many good phones go to landfills. Phone and internet service providers still push upgrades making their networks less compatible to older devices.

Certain things, like housing and healthcare, continue to get more expensive and deflation, in those areas, could lower the overall cost of living. Do homeowners want their home values to deflate? Deflation is usually seen as bad and leading to unemployment as well. We all need to be careful what we ask for as we might get it.

For renters and first time home buyers, dropping property values can be a good thing; if one is able to stay employeed, however.

Often it does seem like the economy is a meaningless treadmill. For every step we go forward in wages, we fall 2 steps back in prices; especially for things like housing and healthcare.

Taking a deeper look at what we are trying to accomplish, with our economy, is what needs to be done. How gratifying is life? Are we happier? Are we heathier? Is the economy making progress toward climate stability? Is our technology improving in ways that enhance civilization?