May as well say the problem with inflation is people stop consuming because things cost more, like Tuvalu. You've picked a random high performing economy and claimed that its existence shows that people buy less when prices drop (an exotic claim). It is an unusually weak argument because it contradicts basic supply-demand logic and you've put your fingers on no evidence.
One of the reasons democracy works so well is that voters ignore that sort of unsupported just-so economic mumbo jumbo and vote for change when their living standards drop. It isn't a great algorithm but it is a lot better than the alternatives.
