Businesses must adapt to new, more efficient, online models for dealing with customers, retailers and suppliers or fade away, overshadowed by their e-rivals. The phenomena of Internet commerce is so new that little data has been collected or properly analyzed by academics or government. The Commerce Department only began tracking online retail sales this month, don't look for their reports until next year. Another reason not to expect inflation any time soon is the nature of a global economy. As markets open around the world, competition and opportunity increase.
Most international companies recruit qualified workers globally.
As higher education becomes common everywhere, no longer do Americans have a monopoly on the skill sets needed to grow the economy. The benefits of a globally integrated economy have yet to be fully realized. Likewise, the Internet is still cutting its teeth, while the productivity gains from computerization won't peak in the foreseeable future. No matter which way the short-term monthly economic indicators point, on a broader scale we are in a historical deflationary period. Your comments are welcomed.