Mainstream Keynesian economics is facing its last hurrah. The global fiscal stimulus championed last year by the Obama administration is coming undone, repudiated by the same Group of 20 that endorsed it last year. Now, against a backdrop of a widening sovereign debt crisis, we need to abandon short-term thinking in favour of the long-term investments needed for sustained recovery.
主流凱恩斯經濟學正面臨著最後的狂歡。歐巴馬政府去年倡導的全球財政刺激計劃即將被推翻,而否定它的正是去年表示支持的20國集團(G20)。在當前主權債務危機不斷蔓延的背景下,我們必須捨棄短視思維,轉而支持持續復甦所需的長期投資。
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