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紧缩政策有悖经济常识

The structural argument. A second argument against expanding demand is that output is in fact constrained on the supply side – by structural imbalances. If this theory were right, however, at least some parts of our economies ought to be at full stretch, and so should some occupations. But in most countries that is not the case. So the problem must be a general lack of spending and demand.

第二条理由：结构。反对扩大需求的第二条理由是，限制产出的实际上是供给方面的因素——结构性不平衡。然而，如果这个理论成立，那么在我们的经济中，至少应该有部分领域和工作岗位是在开足马力的。但在大多数国家，情况并非如此。因此，问题一定是支出与需求的普遍不足。

In the 1930s the same structural argument was used against proactive spending policies in the US. But as spending rose between 1940 and 1942, output rose by 20 per cent. So the problem in the 1930s, as now, was a shortage of demand, not of supply.

在上世纪30年代的美国，人们也曾同样用结构性理由反对积极的支出政策。但在1940年至1942年之间，随着支出的增加，产出提高了20%。因此，上世纪30年代的问题如今日一样，是需求不足，而非供给不足。

As a result of their mistaken ideas, many western policy makers are inflicting massive suffering on their peoples. But the ideas they espouse about how to handle recessions were rejected by nearly all economists after the disasters of the 1930s. It is tragic that in recent years the old ideas have again taken root.