The Collaborative International Dictionary of English v.0.48:
Underproduction \Un`der*pro*duc"tion\, n. (Polit. Econ.) The production of less than is demanded or of less than the usual supply. --F. A. Walker. [1913 Webster]WordNet (r) 3.0 (2006):
underproduction n 1: inadequate production or less than expected