The diploma thesis deals with the issue of the deflation at the current monetary conditions. The starting point for the identification and differentiation of the ob-served deflationary phenomena in the Japanese and Chinese economies is the comparison of the theoretical approaches of the mainstream and alternative eco-nomics. Using the example of the United States, economic cycle is analysed accord-ing to the concept of the theory of the Austrian business cycle, which is then used in analysing the economic situation of China and Japan in the observed period.