大萧条(5/7)

Related to this explaination are those who point to debt deflation causing those who borrow to the owe even more in real terms. Second, there are structural theories, most importantly Keynesian, but also including those who point to the breakdown of international trade, and institutional economists who point to underconsumption and overinvestment, namely, economic bubble, malfeasance by bankers and industrialists, or incompetence by government officials. The consensus viewpoint is that there was a large scale loss of confidence that led to a sudden reduction in consumption and investment spending. Once panic and deflation set in, many people believed they could make more money by keeping clear of the markets as prices dropped lower and a given amount of money bought even more goods, exacerbating the drop in demand.

那些认为是债务紧缩导致借钱的渐渐变成欠钱的人的说法与此解释相联系。第二,是结构理论,其中最重要的是凯恩斯主义,但也包括那些认为起因是国际贸易崩溃的人,以及制度经济学家认为起因是消费不足和过度投资,即经济泡沫,银行家和实业家的违法行为,或政府官员的无能。大家所达成的共识便是信心的极度丧失,导致消费和投资支出突然减少。一旦发生恐慌和通货紧缩,许多人认为避开市场他们就能赚更多的钱，因为价格下跌了，一定数量的钱能买到更多的货物, 从而大大减少了需求。