The pessimists believe that there has been a large decline in the will to invest, something like the loss of “animal spirits” described by Keynes. Even with very low interest rates, according to this view, investment demand will remain low, and therefore aggregate demand will remain insufficient.
悲观派认为投资意愿出现了大幅下降，凯恩斯所谓的“动物精神”损失惨重。根据这一观点，即使利率极低，投资需求也将保持低水平，因此总需求也会依然不足。通缩将进一步恶化形势，只有大规模财政赤字才能填补需求缺口。