This set me thinking. We are assured by vociferous economists that economic growth would be higher in the U.S. and unemployment lower if only the government would run even bigger deficits and/or the Fed would print even more money. But what if the difficulty lies elsewhere, in problems that no amount of fiscal or monetary stimulus can overcome?
这让我陷入了思考。口若悬河的经济学家们信誓旦旦地告诉我们,只要政府继续扩大赤字,并且/或者美国联邦储备委员会(Fed)继续印刷更多的钞票,美国的经济增速就会提高,失业率也会下降。但是,要是问题的症结并不在这儿,而是无论多大规模的财政和货币刺激措施都无法克服的问题怎么办?
Nearly all development economists agree that good institutions─legislatures, courts, administrative agencies─are crucial. When poor countries improve their institutions, economic growth soon accelerates. But what about rich countries? If poor countries can get rich by improving their institutions, is it not possible that rich countries can get poor by allowing their institutions to degenerate? I want to suggest that it is.
几乎所有的发展经济学家都同意,优秀的机构──立法机构、法院和行政机关──至关重要。当贫穷的国家改善机构运作的时候,该国的经济增长就会很快获得提振。但对于富裕的国家来讲呢?如果贫穷的国家可以通过改善机构运作而致富,那么富裕的国家难道不会因为容忍本国机构的退化而变穷吗?我想要说的是,这是完全有可能的。
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