When there is sufficient excess supply in the economy, promoting supply-side productivity is practically useless without efforts to boost demand. That implies that it was not appropriate to focus on growth until the deflation gap narrowed considerably – that is, until now.
当经济出现充分多的过度供给时，如果不进行需求刺激，改进供给端生产率是无济于事的。这意味着，直到通缩缺口大幅收窄后——也就是说，从现在开始——将注意力集中于增长才是合适的。