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通货膨胀和失业“滞胀”现象是七十年代经济政策制订者面临的最伤脑筋的问题。古典理论和凯恩斯主义理论都没有想到通货膨胀会与非自愿失业并存。五十年代后期美国经历的最早的短期停滞膨胀,引起了“成本推进”通货膨胀理论的热潮。尽管凯恩斯强调总需求的决定作用,然而七十年代初期滞胀不再是暂时现象时,经济学家忽视总供给条件的倾向急剧减少了。经济学家急于补救这一理论上的缺陷。但是这一理论新浪潮还没有为经济政策制订者提供明确的指导,而这正是必须最优先考虑的理论问题。经济学家处理充分就业和通货膨胀问题的能力只有很小的改进。理论讨论集中于是否存在“菲利普斯曲线”,欧文·费雪在1926年和凯恩斯在《通
Inflation and unemployment “stagflation” phenomenon is the most headaches facing economic policy makers in the 1970s. Both classical theory and Keynesian theory did not think of both inflation and involuntary unemployment. The earliest short-term stagnant expansion experienced by the United States in the late 1950s has caused a boom in the “cost-push” theory of inflation. Although Keynes emphasized the decisive role of aggregate demand, when stagflation was no longer a temporary phenomenon in the early 1970s, the tendency of economists to ignore the conditions of aggregate supply drastically declined. Economists are anxious to remedy this theoretical flaw. However, this new wave of theory has yet to provide clear guidance to economic policymakers, and this is precisely the theoretical issue that must be given the highest priority. The ability of economists to deal with full employment and inflation is only marginally improved. The theoretical discussion focused on the existence of the “Phillips Curve,” with Owen Fisher in 1926 and Keynes in "