Английский язык. Практический курс для решения бизнес-задач
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The Keynesian response is that such fiscal policy is only appropriate when unemployment is persistently high. In that case, crowding out is minimal. Further, private investment can be «crowded in»: fiscal stimulus raises the market for business output, raising cash flow and profitability, spurring business optimism. To Keynes, this accelerator effect meant that government and business could be complements rather than substitutes in this situation. Second, as the stimulus occurs, GDP rises, raising the amount of saving, helping to finance the increase in fixed investment. Finally, government outlays need not always be wasteful: government investment in public goods that will not be provided by profit-seekers will encourage the private sector’s growth. That is, government spending on basic research, public health, education, and infrastructure could help the long-term growth of potential output.
In Keynes’ theory, there must be significant slack in the labor market before fiscal expansion is justified. It is important to distinguish between mere deficit spending and Keynesianism. Governments had long used deficits to finance wars. But Keynesian policy is not merely spending: it is the proposition that sometimes the economy needs active fiscal policy. Keynesianism recommends counter-cyclical policies, for example raising taxes when there is abundant demand-side growth to cool the economy and to prevent inflation, even if there is a budget surplus. Classical economics argues that one should cut taxes when there are budget surpluses, to return money to private hands. Because deficits grow during recessions, classicals call for cuts in outlays. Keynes encourages increased deficits during downturns. In the Keynesian view, the classical policy exacerbates the business cycle. In the classical view, Keynesianism is almost literally fiscal madness.
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The «Keynesian multiplier» has important implications for policy. The effect on demand of any exogenous increase in spending, such as an increase in government outlays is a multiple of that increase – until potential is reached. Thus, a government could stimulate a great deal of new production with a modest outlay: if the government spends, the people who receive this money then spend most on consumption goods and save the rest. This extra spending allows businesses to hire more people and pay them, which in turn allows a further increase in consumer spending. This process continues. At each step, the increase in spending is smaller than in the previous step, so that the multiplier process tapers off and allows the attainment of equilibrium.
Source: Wikepedia
Essential Vocabulary
1. macro-level – макроуровень
2. micro-level – микроуровень
3. aggregate demand – совокупный спрос
4. goods n – товар, изделие (в основном продукты производства)
5. deflation n – дефляция
6.supply-side economics – экономика предложения
7. gold standard – золотой стандарт
8. treaty n – договор
9. currency n –
10. peg n – база, ориентир, точка отсчета
pegging n – привязка, индексация
peg v – привязывать, индексировать
11. centrally-planned economy – плановая экономика
12. effective demand – эффективный (фактический) спрос
13.interest rate – процентная ставка
14. real wage – реальный уровень зарплаты (зарплата с поправкой на инфляцию)
15. nominal wage – номинальная зарплата
16. barter n – бартер
barter v – осуществлять бартерный обмен
17. trade (labor) union – профсоюз
18. depression n – депрессия (период вялой деловой активности)
19. laissez faire – экономическая доктрина, проповедующая минимальное вмешательство государства в экономику
20. inelasticity n – неэластичность (спроса или предложения)
inelastic a – неэластичный
elasticity n – эластичность (спроса или предложения)
elastic a – эластичный
21. liquidity trap – «ликвидная ловушка»
22. floor n – пол (зд. торговый зал биржи, торговые площади магазина или самый низкий уровень цен либо процентной ставки)
23. bond holder – владелец облигаций
24. deviation n – отклонение
deviate v – отклоняться
25. accelerator effect – эффект акселератора (ускорителя) (взаимосвязь темпов экономического роста и уровня инвестиций)
26. tax (price) hike – повышение налогов (цен)
27. buying (purchasing) power – покупательная способность
28. expansionary policy – политика экономического роста
29. counter-cyclical – антициклический
30. deficit spending – дефицитное расходование
31. outlay n – расходы, ассигнования, затраты, издержки
32. crowding out n – вытеснение
crowd out v – вытеснять
33. government bond – правительственная облигация
34.public goods – товары и услуги, которые служат пользе всех и являются общедоступными
35. slack n – зазор, люфт, спад (деловой активности), простой; наличие избыточных производственных мощностей, резерв