Ratchet effect - Ratchet effect

Japanese: ラチェット効果 - ラチェットコウカ
Ratchet effect - Ratchet effect
Ratchet means to restrain the economy. Even if prices rise and real purchasing power declines, or disposable income decreases due to a tax increase, consumers try to maintain the previous consumption level for a while by dipping into their savings. This is often considered one of the reasons that explains the economy's stability. The ratchet effect.

Source: About Shogakukan Digital Daijisen Information | Legend

Japanese:
《ラチェットは、歯止めの意》物価が上昇して実質的な購買力が低下したり、増税などで可処分所得が減少したりしても、貯蓄を取り崩すなどして、消費者がそれまでの消費水準をしばらくの間維持しようとすること。景気の底堅さを説明する理由の一つとされることが多い。歯止め効果。

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