对于本次金融——经济危机存在三种不同的学术观点。第一,本次危机的实质是金融危机还是实体经济危机。第二,危机的原因是消费过度还是消费不足。第三,危机的根源是金融监管制度不健全还是资本雇佣劳动制度存在问题。本文认为,危机的实质是实体经济中的社会生产过剩,金融危机是实体经济危机的表现;危机的一个重要原因是消费需求不足约束下的消费支出过度;危机的根源是“资本雇佣劳动”制度。 There are three different academic perspectives on this financial-economic crisis. First, the essence of this crisis is the financial crisis or the real economy crisis. Second, the cause of the crisis is overconsumption or underconsumption. Third, the root cause of the crisis is whether the financial regulatory system is not sound or there is a problem with the capital wage labor system. This paper argues that the essence of the crisis is the social overproduction in the real economy and the financial crisis is the manifestation of the real economic crisis. One of the major causes of the crisis is the excessive consumption expenditure under the constraints of the consumer demand. The root of the crisis is “capital wage labor” system.