Paul Lachine

不平等性在抑制增长吗?

芝加哥—为了明白如何在大衰退中实现可持续复苏,我们需要先了解大衰退之因。而识别原因需要从证据入手。

有两个事实值得关注。首先,与危机前的奔腾年代相比,不管是欧洲还是美国,商品和服务的总需求被大大削弱了。其次,美国近些年来所获得的经济效益大部分进了富人的腰包,而中产阶级的相对收入大大落后了。在欧洲,对国内收入不平等的担忧不像美国那样强烈,主要忧虑在于国家间不平等,德国一马当先,而南欧外围国停滞不前。

对危机的令人信服的解释指向当今需求疲软和收入不平等性恶化两者之间的联系。进步论经济学家指出,在美国,工会的式微加上有利于富人的税收政策拖累了中产阶级收入的增长,而传统转移支付项目也受到了削减。在收入停滞不前的情况下,家庭被鼓励进行借贷,特别是用房子作抵押来借贷,以维持消费水平。

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