In the pre-World War II era, when governments held fast to the gold standard, depressions were times of deflation. But in the post-World War II era, in which social democratic governments maintain welfare spending and Keynesian economic advisers seek to use fiscal policy to boost output, an earnings depression is much more likely to be accompanied by inflation.
在二战以前，当各届政府都严格遵循金本位制度，经济萧条就是通货紧缩的时期。但在二战之后，在各届社会民主政府维持福利开支及凯恩斯派的经济顾问们力图使用财政政策推动生产的情况下，收益的萧条更可能与通货膨胀为伴。