Some but far less (at least as we know it today). People will always seek out opportunities to "get ahead" and make more money. And that is a good thing if it isn't done out of desperation and in the form of gambling/speculating (the latter of which is most of what people think of as "investing" today.

People will "invest" in a deflationary world by building productive businesses, funding startups that they've more thoroughly vetted, etc.