Safia Osman/Flickr

通向充分投资之路

伦敦—一个幽灵,长期停滞的幽灵,萦绕在西方财政部和中央银行头顶。如果无法从2008—2013年的严重衰退中可持续地复苏会如何?如果经济增长资源耗竭——不是暂时耗竭,而是永久耗竭会如何?

新的怀疑不是来自时刻紧盯着资本主义崩溃蛛丝马迹的马克思主义者,而是来自决策机制的核心:前美国总统克林顿的财政部长、几乎无时无刻不身为各种首席经济学家的拉里·萨默斯(Larry Summers)。

概而言之,萨默斯的观点是,如果投资的预期盈利能力下降,利率就必须下降同等幅度。但利率无法降至零以下(事实上,如果存在强烈的构筑现金余额的渴望,利率可能一直维持在零以上)。这可能导致利润预期降至融资成本以下。

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