野村证券（Nomura Securities）经济学家科林•阿舍尔（Colin Asher）告诉自由欧洲电台，通货紧缩的问题在于“通货紧缩[螺旋式上升]正在下降。企业利润减少，因此他们削减了就业。人们不再愿意花钱。然后企业不赚取任何利润，一切都在不断下滑。“通货紧缩也有一个心理因素，因为它“根植于人们的心理，并变得自我延续。消费者不愿意购买汽车或房屋等昂贵的物品，因为他们知道这些东西将来会更便宜。” CNN Money的Mark Gongloff同意这些观点。贡洛夫解释说，“当价格下跌只是因为人们不想购买 – 导致消费者推迟支出的恶性循环，因为他们认为价格会进一步下跌 – 那么企业就无法盈利或偿还债务，导致他们削减生产和工人，导致商品需求下降，导致价格更低。“虽然我没有对每一位撰写过关于通货紧缩的文章的经济学家进行调查，但这应该会让你对这个主题的一般共识有所了解。一个被忽视的心理因素是有多少工人以名义价值观察他们的工资。通货紧缩的问题在于导致价格普遍下降的因素也会导致工资下降。然而，工资往往在向下的方向上相当“粘”。如果价格上涨3％而你给员工3％的加薪，那么他们的价格大致和以前一样好。这相当于价格下降2％的情况，并且您将员工的工资降低了2％。但是，如果员工以名义价格看待他们的工资，他们会比3％的加薪比2％的减薪更快乐。较低的通货膨胀率使得一个行业的工资调整更容易，而通货紧缩导致劳动力市场的僵化。这些僵化导致劳动力使用水平低下，经济增长放缓。
Colin Asher, an economist at Nomura Securities, told Freed Europe that the problem of deflation is that “deflation [spiral rise] is declining. Corporate profits are reduced, so they cut jobs. People are no longer willing to spend money. Then the company does not make any profit, everything is falling. “The deflation also has a psychological factor, because it is “rooted in people’s psychology and becomes self-sustaining. Consumers are not willing to buy a car.” Or expensive items such as houses, because they know that these things will be cheaper in the future.” Mark Gongloff of CNN Money agrees. Gonlov explained that “when prices fall only because people don’t want to buy – a vicious circle that causes consumers to postpone spending because they think prices will fall further — then companies can’t make a profit or repay debt, causing them to cut production and workers, leading to The decline in demand for goods has led to lower prices. “Although I have not investigated every economist who has written an article about deflation, this should give you an idea of the general consensus on this topic. A neglected psychological factor is how many workers observe their wages in nominal terms. The problem with deflation is that factors that cause a general decline in prices can also lead to a fall in wages. However, wages tend to be quite “sticky” in the downward direction. If the price rises by 3% and you give employees a 3% salary increase, then their prices are roughly as good as before. This is equivalent to a 2% price drop and you reduce your employee’s salary by 2%. However, if employees view their wages at nominal prices, they will be happier than the 3% salary increase than the 2% pay cut. Lower inflation rates make wage adjustments easier in an industry, and deflation leads to a rigid labor market. These rigidities have led to low levels of labor use and a slowdown in economic growth.