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首页> 外文期刊>JPKE:journal of post keynesian economics >Beyond austerity and stimulus: democratizing capital acquisition with the earnings of capital as a means to sustainable growth
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Beyond austerity and stimulus: democratizing capital acquisition with the earnings of capital as a means to sustainable growth

机译：紧缩和刺激之外：以资本收益使资本获取民主化，以此作为可持续增长的手段

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摘要

To enhance (1) the earnings of poor and middle-class people and (2) sustainable growth, this article recommends broadening competitive market opportunities to acquire capital with the earnings of capital. The prospect of more broadly distributed capital earnings in future years provides incentives to profitably employ more labor and capital in earlier years. Without redistribution, modest changes in the system of corporate finance will enable market participants to price the value of more broadly distributed capital acquisition and thereby provide market incentives to produce (!) enhanced earnings for poor and middle-class people, (2) enhanced corporate profits and growth, (3) reduced need for welfare dependence, government spending, borrowing, and taxes, and (4) enhanced sovereign creditworthiness. The approach advanced in this article rests on a theory of fuller employment that operates in the long run as well as the short run. It is somewhat similar to Keynesian theory and yet also distinct and complementary. If the approach is implemented either alone or in conjunction with Keynesian policies, the fuller employment and broader distributive benefits may surpass expectations based on Keynesian theory and may make both austerity and stimulus strategies more affordable and politically feasible.
机译：为了增强（1）穷人和中产阶级的收入，以及（2）可持续增长，本文建议扩大竞争性市场机会，以资本收益来获得资本。未来几年中，资本收益分布更广泛的前景为人们提供了诱因，使他们在较早的几年中有利润地利用更多的劳动力和资本。如果不进行再分配，公司融资体系的适度变化将使市场参与者能够为更广泛分配的资本收购的价格定价，从而提供市场激励措施，以产生（！）贫困和中产阶级的收入增加；（2）增强公司的收入利润和增长；（3）减少对福利依赖，政府支出，借款和税收的需求，以及（4）增强主权信用。本文提出的方法基于长期和短期运作的充分就业理论。它在某种程度上类似于凯恩斯主义理论，但又具有独特性和互补性。如果单独或结合凯恩斯主义政策实施该方法，则更充分的就业机会和更广泛的分配利益可能会超出基于凯恩斯主义理论的预期，并且可能使紧缩政策和刺激策略更加可负担且在政治上可行。

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