Charles Gave offers us a very thought-provoking piece on Irving Fisher’s view of deflation and debt and their effects on interest rates; but he breaks out two separate indexes, one for the goods-producing sector and one for the services sector, and finds that the differences are quite profound.
 
I have read this piece twice and will probably read it twice more. I have been doing research into the work of Irving Fisher and have long suspected that he was probably the best economist of the first half of the last century; he just didn't write his final magnum opus like John Maynard Keynes did.
 
There are times when I wish that I could just sit Charles down for a dinner and get him to explain a few things to this country boy. I never get enough of those moments.