Paul Lachine

Есть ли еще необходимость в стимулах?

ЛОНДОН – Удалось ли пакетам экономических стимулов оживить травмированные мировые экономические системы? Или же они заложили основу для инфляции и большой долговой нагрузки в будущем? Ответ на оба вопроса, вероятно, будет положительным. Главный вопрос теперь заключается в том, в каком порядке произойдут эти последствия.

Теория, лежащая позади применения масштабных экономических стимулов, к которым прибегли многие правительства, опирается на понятие «производственного дефицита». Оно заключается в разнице между фактическим уровнем производства экономики и ее потенциальным уровнем производства. Если фактическое производство оказывается ниже потенциального, это означает, что совокупных затрат будет недостаточно для покупки того, что могла бы произвести экономика.

Стимулы – это проектируемый правительством рост совокупных затрат. Правительство может либо само непосредственно потратить больше денег, либо попытаться стимулировать частные расходы, сокращая налоги или снижая процентные ставки. Эти действия приводят к росту фактической производительности до уровня потенциальной производительности, что, таким образом, выравнивает «производственный дефицит».

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