Until now, the consensus view has been that this would be bad for output and employment. Keynes gave the reason in 1923: “the fact of falling prices," he wrote, “injures entrepreneurs; consequently the fear of falling prices causes them to protect themselves by curtailing their operations."
那么，如果我们陷入被委婉地称为“负通胀”的现象时，复苏会有什么影响？到目前为止，一致观点是这将不利于产出和就业。凯恩斯在1923年就给出了理由：“物价下跌这一事实”，他写道，“伤害企业家；因此，害怕物价下跌让他们收缩经营以保护自己。”