Yes. The period from the late 1870s to about 1900 experienced the most sustained natural price deflation probably in US history, and it also happens to be called “the Industrial Revolution.” And the greatest period of rising living standards occurred during this as well.

The reason recent “deflationary” period are called recessions or depressions is because they are *credit* deflations. It’s caused by excessive fiat debt issuance from thin air. Look at Japan for the past 20 years, look at the Great Depression. Check the debt levels, they are credit deflations, not deflation from growth.

But the most obvious actually right in front of you. It’s the phone you’re holding in your hand. The price deflation in computers and electronics has been so extraordinary that its even outpaced inflation by an order of magnitude. But it’s the *exact* same thing. If you cram 10x the amount of gates in a chip or build a machine that produces chairs at twice the rate, you’re doing the same thing, improving productivity and output and lowering the cost of the good.

That’s natural deflation. We would have that in every sector, in every good and service, essentially always, if we had sound money.