供给侧,需求侧,还是创新侧?

发自纽约——无法否认,世界上大多数发达经济体都陷入了所谓长期性停滞的泥潭之中无法自拔:财富不断累积,实际工资却没怎么提升,劳动参与率一直呈下降趋势。更糟糕的是,政策制定者对此也拿不出什么好的解决方案。

这种停滞的背后因素是自1970年以来生产率增长放缓。生产率增长的源泉——自主创新——自上世纪60年代末被严重遏制(主要是在一些发展成熟的行业),而且这种状况自2005年以来还进一步恶化。

罗纳德·里根和撒切尔夫人选择从供给侧来看待1970年代的经济停滞。他们通过减少企业和个人的利润/所得税来促进投资和增长,所产生的效果也颇有争议。

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