Japan provides good lessons about where the true risks are, as it has been suffering from deflation or near-deflation for 14 years. Since 1991, Japan has been mired in what Harvard economist Alvin Hansen, a contemporary of Keynes, once described as “secular stagnation.”
真正的危险在哪里？深受紧缩或近似紧缩之害长达14年之后，日本就此提供了深刻的教训。自1991年以来，日本就深陷在被哈佛经济学家阿尔文·汉森（一位当代的凯恩斯）描述为“长期停滞”的状态之中。