“Of the two perhaps deflation is…the worse; because it is worse…to provoke unemployment than to disappoint the rentier. But it is not necessary that we should weigh one evil against the other."
伦敦—1923年，凯恩斯提出了一个至今仍有意义的经济学基本问题：“通货膨胀和通货紧缩是不恰当的，” 他写道，“在这两个东西中，也许通缩……更加糟糕；因为引起失业比令食租者失望……更糟糕。但我们未必需要两劣相权。”