新宏观经济战略

纽约—我是宏观经济学家,但我不同意美国最主要的两个宏观经济学阵营:专注于提振总需求的新凯恩斯主义和专注于减税的供给学派。近几年来,这两个学派试图克服高收入经济体表现持续疲软的问题,但以失败告终。基于可持续投资拉动型增长的新战略是时候粉墨登场了。

宏观经济学的核心挑战是配置社会资源,加以最佳利用。选择工作的工人应该找到岗位;工厂应该有效部署其资本;用作储蓄而非消费的收入应该投资以改善未来福祉。

新凯恩斯主义和供给学派就栽在第三个挑战上。大部分高收入国家——美国、欧洲大部和日本——投资不足,或没有明智地以未来最佳用途为目标投资。投资有两种——国内和国际——对世界而言,这两种投资都有所不足。

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