The formation of deflation, may be both the insufficient of the amount of currency supply, and the supply of currency can′t transfer into effective demand.

通货紧缩的形成，既可能是货币供应量不足，也可能是货币供应不能转化为有效需求。

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For a long period time, Keynesian theory of insufficient effective demand occupied the mainstream position, while Hayek's theory of structural imbalance is not so prevailing.

很长一段时间，凯恩斯的有效需求不足论占据主流地位，哈耶克的结构失衡论则屈居冷宫。

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The summary:There are some main reasons leading to the insufficient effective demand ability:the disparity of resident's income and distributions is getting wide;

形成有效需求能力不足的主要原因有：居民收入分配差距拉大；

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