Indeed, it’s called time preference in ecomomics: Time preference - Wikipedia
I have the impression that this postponement of spending argument against deflation is mostly used in easy explanations to the general public. I personally never see it mentioned in academic papers and the like. There the increase of the real value of debt is always the main reason why deflation is considered dangerous.
If the debt deflation theory is correct, the current crisis will go like this:
- Debt liquidation leads to distress selling and to
- Contraction of deposit currency, as bank loans are paid off, and to a slowing down of velocity of circulation. This contraction of deposits and of their velocity, precipitated by distress selling, causes
- A fall in the level of prices, in other words, a swelling of the dollar. Assuming, as above stated, that this fall of prices is not interfered with by reflation or otherwise, there must be
- A still greater fall in the net worths of business, precipitating bankruptcies and
- A like fall in profits, which in a “capitalistic,” that is, a private-profit society, leads the concerns which are running at a loss to make
- A reduction in output, in trade and in employment of labor. These losses, bankruptcies and unemployment, lead to
- pessimism and loss of confidence, which in turn lead to
- Hoarding and slowing down still more the velocity of circulation.
- The above eight changes cause complicated disturbances in the rates of interest, in particular, a
fall in the nominal, or money, rates and a rise in the real, or commodity, rates of interest.
I feel like we’re between step 3 and 4 for a long time already due to quantitative easing (reflation), which it seems at best only suspends a debt crisis rather than stopping it. In relation to crypto-currencies, the big question is if the banks all over the world are going to get into real trouble, which would lead to capital controls and then either to bank collapses or bail-outs and/or bail-ins. If that happens, crypto-currencies may have their shot at mainstream adoption.