Yes, but not for nearly nine decades, since the Great Depression. During the Depression, falling prices meant that farmers couldn’t receive sufficient payments for their crops. This caused millions of families to lose their farms to banks after they failed to make their mortgage payments. More recently, some other economies, notably Japan’s, have been bedeviled by deflation. Beginning in the 1990s, Japan struggled, often in vain, to keep inflation from falling. As a consequence, Japan suffered through more than two decades of anemic economic growth.