Warum öffentliche Investitionen?

MAILAND – Die Welt ist mit der Aussicht auf eine längere Phase schwachen Wirtschaftswachstums konfrontiert. Risiko bedeutet allerdings nicht Schicksal: Die beste Möglichkeit, eine derartige Entwicklung zu vermeiden, besteht in der Erarbeitung eines Plans, wie man große Mengen an Ersparnissen so umleitet, dass daraus  produktivitätssteigernde Investitionen der öffentlichen Hand werden.

Für langfristiges Wachstum sind Produktivitätszuwächse von entscheidender Bedeutung, weil sie zu höheren Einkommen führen, die wiederum die Nachfrage ankurbeln. Dieser Prozess dauert natürlich seine Zeit – vor allem wenn beispielsweise die ersten Empfänger dieser höheren Einkommen bereits eine hohe Sparquote aufweisen. Mit umfangreichen Investitionen in den richtigen Bereichen kann das Produktivitätswachstum jedoch aufrechterhalten werden.

Die Gefahr lauert im Bereich der schuldenfinanzierten Investitionen, im Rahmen derer die zukünftige Nachfrage in die Gegenwart verlagert wird, ohne damit das Produktivitätswachstum zu steigern. Ein derartiger Ansatz führt zwangsläufig zu einer Wachstumsabschwächung und löst möglicherweise eine Finanzkrise aus, wie sie jüngst die Vereinigten Staaten und Europa erschütterte.

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