Perché investire nel settore pubblico?

MILANO – Il mondo si trova di fronte alla prospettiva di un prolungato periodo di debole crescita economica. Ma rischio non significa destino: il miglior modo di evitare un esito di questo tipo è capire come incanalare ampi risparmi negli investimenti pubblici in grado di potenziare la produttività.

Gli incrementi di produttività sono vitali per una crescita a lungo termine, perché si traducono solitamente in un aumento dei redditi, che a sua volta incentiva la domanda. Questo processo richiede del tempo, ovviamente – soprattutto se, ad esempio, i destinatari iniziali di un aumento di reddito vantano già un elevato tasso di risparmio. Ma, facendo proficui investimenti nelle aree giuste, la produttività può registrare degli aumenti.

Il pericolo risiede negli investimenti alimentati dal debito che spostano la domanda futura al presente, senza stimolare un incremento della produttività. Tale approccio inevitabilmente porta a un rallentamento della crescita, e potrebbe persino scatenare una crisi finanziaria come quella che ha recentemente scosso gli Stati Uniti e l’Europa.

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