“The belief that money made tomorrow will be worth less than money today stymies investment;”
That sounds backwards to me. It’s during inflation that tomorrow’s money is worth less than today’s. Other than that the article looks good.
Welcome to the business world. Don't worry, things don't have to make sense to be the way they are, they rarely ask permission. It's like bond values. Many people don't understand why bond values fall when interest rates go up. Sometimes I try to explain it to 'em but that's when I find out that their minds are made up and they really don't care about how things really are.
fwiw, what I got was that "money made tomorrow will be worth less than money today" refers to the fact that during deflation we know that less money is going to be made tomorrow off of today's bigger investment. Folks didn't want to buy stocks during the '30's, so corps were forced to pay a dividend yield upwards of ten percent!