Public Policy and Economic Growth · 公共政策与经济增长
| English | 中文 | Pinyin · 拼音 |
|---|---|---|
| supply-side policies/səˈplaɪ saɪd ˈpɒlɪsiz/ | 供给侧政策 | gōng jǐ cè zhèng cè |
| Infrastructure/ˈɪnfrəstrʌktʃə/ | 基础设施 | jī chǔ shè shī |
| Education subsidies/ˌedʒuːˈkeɪʃn ˈsʌbsɪdiz/ | 教育补贴 | jiào yù bǔ tiē |
| Incentives/ɪnˈsentɪvz/ | 激励 | jī lì |
| Deregulation/diːˌreɡjʊˈleɪʃn/ | 放松管制 | fàng sōng guǎn zhì |
Can policy make growth faster?
- Last lesson named the engines of growth: capital, skills, technology, institutions.
- Public policy can feed those engines — these are supply-side policies 供给侧政策.
- They aim to shift LRAS right, not just nudge AD.
- The payoff is slow but permanent: a richer economy for good.
政策能让增长更快吗?
- 上一课点出了增长的引擎:资本、技能、技术、制度。
- 公共政策能给这些引擎添料——这些是供给侧政策(supply-side policies)。
- 它们的目标是使 LRAS 右移,而不只是推一下 AD。
- 回报缓慢但持久:一个永久更富裕的经济。
Supply-side policies aim to: · 供给侧政策的目标是:
They grow potential output, moving LRAS right. · 它们扩大潜在产出,使 LRAS 右移。
Roads, ports, power, and broadband are examples of ______. · 道路、港口、电力和宽带都是______的例子。
Infrastructure raises the return on private capital. · 基础设施提高私人资本的回报。
Compared with demand-side policy, the payoff from supply-side policy is: · 与需求侧政策相比,供给侧政策的回报是:
Building capacity takes time, but the larger economy persists. · 建设产能需要时间,但更大的经济会持续。
Building capital: physical and human
- Infrastructure 基础设施 spending — roads, ports, power, broadband — raises the return on private capital.
- Education subsidies 教育补贴 and training build human capital, so workers produce more.
- Both are investments: costly now, but they lift potential output for decades.
- Governments often fund these with the deficit spending we met earlier.
建设资本:实物与人力
- 基础设施(infrastructure)支出——道路、港口、电力、宽带——提高私人资本的回报。
- 教育补贴(education subsidies)和培训建设人力资本,让工人产出更多。
- 两者都是投资:现在花钱,但把潜在产出抬高几十年。
- 政府常用我们前面见过的赤字支出来为这些融资。
Supply-side, or demand-side? · 供给侧,还是需求侧?
Supply-side policies grow potential output (shift LRAS right); demand-side policies only move AD in the short run. · 供给侧政策扩大潜在产出(LRAS 右移);需求侧政策只在短期移动 AD。
Patent protection helps growth mainly because it: · 专利保护帮助增长,主要因为它:
Secure rewards sharpen the incentive to innovate. · 有保障的回报强化了创新的激励。
Rewarding innovation
- Support for research and development — grants, university science, patent protection — speeds new technology.
- Incentives 激励 matter: if firms keep the reward from an invention, they invest more in it.
- Tax breaks for investment (lower business taxes) encourage firms to build and hire.
- Even simple things — a fast, predictable court system — make innovation worth funding.
奖励创新
- 对研究与开发的支持——拨款、大学科研、专利保护——加速新技术。
- 激励(incentives)很重要:如果企业能保有发明的回报,它们就投入更多。
- 投资的税收减免(更低的企业税)鼓励企业建设和招人。
- 甚至简单的东西——一个快速、可预测的法院系统——都让创新值得投资。
Which are supply-side growth policies? (Select all that apply) · 以下哪些是供给侧增长政策?(选出所有正确项)
The first three lift capacity; the stimulus cheque only shifts AD. · 前三个提升产能;刺激支票只移动 AD。
Cutting regulations can boost growth but may also remove protections, so it has costs. · 削减管制能促进增长,但也可能移除保护,所以有代价。
Good policy weighs the long-run output gain against those costs. · 好的政策把长期产出收益与这些代价相权衡。
Freeing markets to grow
- Deregulation 放松管制 — removing needless rules — can lower costs and let new firms enter.
- Opening to trade lets a country specialise and import better technology.
- The trade-off: some rules protect people or the environment, so cutting them has costs.
- Good growth policy weighs these costs against the long-run gain in output.
放开市场以促进增长
- 放松管制(deregulation)——去掉不必要的规则——能降低成本,让新企业进入。
- 对贸易开放让一个国家专业化,并进口更好的技术。
- 权衡:有些规则保护人或环境,所以削减它们有代价。
- 好的增长政策把这些代价与产出的长期收益相权衡。
Supply-side policies aim to shift LRAS right: invest in infrastructure and human capital, support R&D, sharpen incentives with lower business taxes, and use deregulation and open trade. The gains are slow but lasting — a permanently larger economy.
供给侧政策旨在使 LRAS 右移:投资基础设施和人力资本,支持研发,用更低的企业税强化激励,并用放松管制和开放贸易。收益缓慢但持久——一个永久更大的经济。