Nepřekročitelná hranice amerických demokratů

BERKELEY – Už od díla Franka Ramseyho z roku 1928 ekonomové přijímají utilitární argument, že dobrou ekonomiku charakterizuje to, že návratnost investic není mnohonásobkem – ani ne trojnásobkem – míry hospodářského růstu na hlavu. Ekonomika, v níž jsou zisky z investic ve vztahu k tempu růstu vysoké, se vyznačuje nedostatečností úspor a investic.

Tato myšlenka dala vzniknout také velice silné domněnce, že když ekonomika jako celek nedostatečně spoří a investuje, vláda by k nápravě problému měla přispět tím, že bude hospodařit s přebytky, aby jej nezhoršovala deficitním hospodařením, které vysušuje fond soukromých úspor, jimiž lze financovat investice. Právě proto má většina ekonomů ke schodkům jestřábí postoj.

Samozřejmě že během depresí musí vlády hospodařit s deficitem, aby stimulovaly poptávku a brzdily rostoucí nezaměstnanost. Navíc spoustu krizových státních útrat za běžné položky je skutečně nejlepší považovat za národní úspory a investice. Franklin Delano Roosevelt nemohl udělat lepší investici ve prospěch budoucnosti Ameriky a světa než vést totální válku proti Adolfu Hitlerovi. Podobně si prezidenti George H.W. Bush a Bill Clinton měli v 90. letech minulého století uvědomit, že vynikající investicí do budoucnosti světa by bylo cosi jako Marshallův plán pro východní Evropu, který by tu pomohl s přechodem od komunismu.

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