觀點消費

A consumption boom is nothing to fear
不必爲「消費熱」憂慮

Though it is seen as the good kind of spending, investment does not always have the best return
傑克遜:許多人掉入推崇投資的陷阱,將投資視爲比消費更好的支出,然而資本支出終究會遇到回報遞減的情況。

Politicians love investment. Partly it is the visual appeal: hard hats and construction projects make a great metaphor to illustrate how they will rebuild the country; a new science campus demonstrates the possibilities of the future; bridges and trains show how they are reconnecting a disjointed people. But the veneration of investment is a trap that many of us fall into: seeing it as the good kind of spending while consumption, its larger but less-loved brother, is unsustainable and unproductive. This perception, with its whiff of puritanism, is a mistake. A potential consumer-driven recovery from the pandemic is nothing to wring our hands about. 

政治人士熱愛投資。部分原因是在視覺上有感染力:安全帽和建築施工項目是描繪他們如何重建國家的絕佳比喻;新的科學園區顯示出未來的可能性;橋樑和火車展現出他們如何重新聯結那些住在偏僻地方的人們。但對投資的推崇是我們許多人掉入的陷阱:我們將其視爲一種好的支出方式,而消費——像是家中不那麼受寵的老大——則是不可持續、沒有產出的。這種清教徒式的看法是錯誤的。一輪潛在的由消費者驅動的疫後復甦根本不值得我們煩惱。

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