This remains a very real concern, with much of the world suffering from increasing water scarcity, land erosion, drought intensity, stalled progress on crop productivity, declining groundwater aquifers, over-grazing of pasturelands, tropical deforestation, massive species extinction, over-fishing, and anthropogenic climate-change.

ECONOMIST: Phoenix flying high

If prices are falling because of advancing productivity, as at the end of the 19th century, it is a sign of progress, not economic collapse.

ECONOMIST: Inflation is bad, but deflation is worse