【英语翻译Theeffectofgovernmentalexpendituresonthetotaleconomyvarieswithboththelevelofutilizationoflaborandcapitalintheeconomyatthetimeoftheexpenditure,andthesegmentoftheeconomywhichreceivestheexpenditure.Ifthe】
英语翻译
Theeffectofgovernmentalexpendituresonthetotaleconomyvarieswithboththelevelofutilizationoflaborandcapitalintheeconomyatthetimeoftheexpenditure,andthesegmentoftheeconomywhichreceivestheexpenditure.Iftheeconomyasawholeorthesegmentoftheeconomywhichisthefocusoftheexpenditureisoperatingatcapacityorclosetocapacity,thentheexpenditure'smajoreffectswilltendtobeinflationary,andwillnotgeneratemuchemploymentofcapitalandlabor.Iftheeconomyorsectorisoperatingatmuchlessthanfullemployment,theexpenditurewillproduceagenuine(non-inflationary)riseintheGNP.
Atruemeasureoftheeffectofgovernmentalincreaseintheamountofmoneymadeavailable,then,isnotthesimpledollarvalueoftheinitialinjectionbutthecumulativeeffectofthisinjectionthroughspendingandre-spending.Intheoptimumcasetheinitialexpansionofincomeflowcouldbegreatenoughtoproducetaxrevenuesinexcessoftheoriginal"deficitspending"orthe"taxcut",sothatdeficitsarenotonlysmallerthantheincreasedGNPbutarerecouped.InKeynesianeconomicsthefundamentalpointofgovernmentpolicyclearlyisnotbudget-balancingbutspendingintheeventofunusedproductivecapacityandunemployment.Spendingincreasesproductivity.Thisproductivityresultingfromfederalspendinghasoverwhelmedtheoldereconomicmythsofthebalancedbudgetwheregovernmentisconceivedofasjustanotherbusinessfirm.