为何是公共投资

米兰—世界有可能面临经济增长的长期低迷。但风险不是宿命:避免这一结果的最佳办法是找出如何将为数巨大的储蓄资金池引向增强生产率的公共部门投资。

生产率进步对于长期增长至关重要,因为它们常常能转化为更高的收入,从而反过来提振需求。当然,这一过程需要时间,特别是(比如)收入增量的初始受益者原本就存在高储蓄率的情况下。但是,只要在正确的领域投入足够的投资,生产率增长是可以维持的。

危险在于债务支持的投资,这种投资将未来需求提前到现在,而不会刺激生产率增长。这一方针难免导致增长减速,甚至有可能触发金融危机——比如最近冲击美国和欧洲的那种。

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