最近注意到,张五常先生发表的关于中国1988年通货膨胀的旧作,觉得蛮有意思。虽然过去20年了,突然觉得这段经历今天依然很有价值。我研究了20年前那段通货膨胀的历史之后得出了一个结论:1985年和1988年的两次严重的通货膨胀其实都与再分配的政策有关。在那个时候,经济改革的政策主要就是再分配的政策。在当时,不仅农民的收入提高了,而且增加国有企事业单位的工资,而增加非工资性劳动收入(如奖金)也是最典型的改革政策。其结果,国民收入开始快速地向工资收入倾斜。 Recently I noticed that the old work published by Mr. Zhang Wuchang on China’s inflation in 1988 was quite interesting. Although in the past 20 years, I suddenly felt that this experience is still of great value today. After studying the history of inflation over 20 years ago, I came to the conclusion that two severe inflations in 1985 and 1988 were actually related to redistributive policies. At that time, the policy of economic reform was mainly the policy of redistribution. At the time, not only did the income of farmers increase, but also the wages of state-owned enterprises and public institutions increased, while increasing non-wage labor income (such as bonuses) was also the most typical reform policy. As a result, national income began to tilt quickly toward wage income.