As technological advancement drives increased productivity, purchasing power that would have otherwise accrued to the not-asset-owning class in the form of price deflation is siphoned off by central planners who would like a way to levy taxes without having to go through the democratic process.

The justification/counter-argument from academia is that if deflation were allowed to occur it would harm the economy by disincentivizing the circulation of money (since all you have to do to is wait and your currency becomes more valuable).

The counter-counter argument is that it is nonsensical to expect that a falling cost of living would harm the economy because price deflation is, on the contrary, an effect of economic growth that has already occurred.