REVIEW OF POLITICAL ECONOMY最新文献_第8页

Are Long Waves 50 Years? Reexamining Economic and Financial Long Wave Periodicities in Kondratieff and Schumpeter 长波是 50 年吗？重新审视康德拉季耶夫和熊彼特的经济和金融长波周期性

IF 1.5 Q3 ECONOMICS

REVIEW OF POLITICAL ECONOMY

Pub Date : 2023-12-12 DOI: 10.1080/09538259.2023.2280803

Jason Hecht

引用次数: 0

Bernard Schmitt and the Dijon–Fribourg School of Monetary Circuit Analysis 伯纳德·施密特和第戎-弗里堡货币循环分析学派

IF 1.5 Q3 ECONOMICS

REVIEW OF POLITICAL ECONOMY

Pub Date : 2023-12-05 DOI: 10.1080/09538259.2023.2286467

Alvaro Cencini, Sergio Rossi

This paper presents the origin and the history of the so-called Dijon–Fribourg School that Bernard Schmitt created in regard of monetary circuit analysis. The first section provides a short biograp...

本文介绍了伯纳德·施密特在货币循环分析方面创立的所谓第戎-弗里堡学派的起源和历史。第一部分提供了一个简短的简介。

引用次数: 0

Overcoming Recession and Financial Instability in a Global Financialised Economy? The Contribution of the ‘Crank Heretic’ Robert Eisler 在全球金融化经济中克服衰退和金融不稳定?“曲柄异端”罗伯特·艾斯勒的贡献

IF 1.5 Q3 ECONOMICS

REVIEW OF POLITICAL ECONOMY

Pub Date : 2023-11-27 DOI: 10.1080/09538259.2023.2280869

Anne Löscher, Ferdindand Wenzlaff

Recurrent shocks — be it geopolitical instability, pandemics, financial crises or climate change and climate transition effects — pose difficulties to permanently ensure a prosperous economy. The w...

反复出现的冲击——无论是地缘政治不稳定、流行病、金融危机还是气候变化和气候转型影响——都给永久确保经济繁荣带来了困难。w……

引用次数: 0

Augusto Graziani on Italian Economic Development (1950–1970) 奥古斯托·格拉齐亚尼谈意大利经济发展(1950-1970)

IF 1.5 Q3 ECONOMICS

REVIEW OF POLITICAL ECONOMY

Pub Date : 2023-11-21 DOI: 10.1080/09538259.2023.2277729

Giorgio Colacchio, Guglielmo Forges Davanzati, Andrea Pacella

Italian economic thought between the 1960s and 1990s provided important scientific contributions and one of its most authoritative representatives was certainly Augusto Graziani (1933–2014). On the...

20世纪60年代至90年代的意大利经济思想提供了重要的科学贡献，其中最权威的代表之一当然是奥古斯托·格拉齐亚尼(Augusto Graziani, 1933-2014)。在…

引用次数: 0

A Note on Capital in a Functional Analysis of the Traditional Banking Industry 传统银行业功能分析中的资本问题述评

Q3 ECONOMICS

REVIEW OF POLITICAL ECONOMY

Pub Date : 2023-11-07 DOI: 10.1080/09538259.2023.2272472

Riccardo Zolea

ABSTRACTA functional analysis of the traditional banking industry is developed in this paper. Following a reflection on the possibility of conceiving a ‘banking production cycle’, its fundamental output is identified in credit and the input in deposit. The study then continues with an analysis of capital: the anticipated capital required for banking is solely equity capital and is mainly dependent on economic-institutional aspects. This paper then studies how regulation, rules and laws can define a ‘regulatory banking production technique’. Starting from the assumption of economies of scale in the banking sector, the scheme developed by the Basel Accords imposes a level of equity capital proportional to the level of risk-weighted banking assets. Therefore, a relationship between capital and output defined by these rules is conceivable, and the idea of ‘normal capacity utilisation’ in the banking sector becomes possible. Through the latter idea, the possible limitation of money supply by capital requirements can be overcome, thus validating the endogenous money approach.KEYWORDS: Bank capital; banking regulation; endogenous money; capacity utilisationfinancial innovationsJEL CODES: E51; E12; G21 AcknowledgementsThe author wishes to thank Roberto Ciccone for his valuable advice and suggestions, and two anonymous referees. A previous version of this paper was presented at the ‘19th STOREP Annual Conference’ 28/05/2022; the author wishes to thank all the participants of the conference and in particular Louis-Philippe Rochon and the discussant Paolo Paesani. Any errors or omissions are of course the sole responsibility of the author.Disclosure StatementNo potential conflict of interest was reported by the author(s).Notes1 Obviously, this scheme is highly simplified and splits activities that often take place simultaneously in reality. Logically, however, these phases can be distinguished.2 Excluding the phase of purchasing material bank inputs (office, desks, computers, safe, etc.) and finding the necessary financial resources for this.3 The bank does not sell money but lends it; however, one could say that it 'sells’ loans.4 Irrespective of other non-normal eventualities, such as the use of undistributed profits in previous years to repay the loans by firms, or loan guarantees (e.g., a mortgage), etc.5 In this regard, it is noted that legal limits to the use of cash are increasingly common. On the other hand, however, alternative payment systems to the banking system are possible nowadays, although their use is not yet very practical, for example in the case of cryptocurrencies based on blockchain technology.6 With the exception of the actual physical means of production such as desks, computers and telephones, etc.7 However, it is reasonable to assume that the capital needed for materials necessity should be rather small compared to the equity capital requirements of the Basel Accords.8 For example, in the EU deposits are guaranteed up to the amount

(马克思，[Citation1932] Citation1988，第45页)例如，如果对信贷的需求在一天内增加了100倍，银行职员可能就不够了如果这种需求对银行来说处于可接受的风险水平(见Deleidi Citation2020)正如一位裁判正确指出的那样。

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引用次数: 0

Multipliers and Supermultipliers in a Multisectoral Framework: Macroeconomic Tools After All? 多部门框架中的乘数和超级乘数:究竟是宏观经济工具吗?

Q3 ECONOMICS

REVIEW OF POLITICAL ECONOMY

Pub Date : 2023-11-07 DOI: 10.1080/09538259.2023.2270840

Fabrício Pitombo Leite

ABSTRACTThe paper starts showing that the common mistake of considering Keynesian income and/or employment multipliers as sector-specific, in a multisectoral framework, is taking its way back into economics. The phenomenon coincides with the recent debate about the macroeconomic Sraffian supermultiplier and generates some new miscommunication by using similar terminology to sectoral multipliers. Thus, the aim of bringing forward the understanding that Keynesian multipliers and Sraffian supermultipliers constitute macroeconomic relations even in multisectoral models is pursued by emphasising the differences between the traditional input–output multipliers and their Keynesian counterparts and by showing the required adaptations for supermultiplier representations. Once aggregate multipliers and supermultipliers are obtained, there is no need for further multisectoral operations and all the differences in impact between economic activities must be attributed to the simple input–output multipliers. Some estimates are presented using data from the World Input-Output Database (WIOD).KEYWORDS: Input–output analysismacroeconomicsKeynesian multiplierSraffian supermultiplierJEL CODES: B51C67E11E12 AcknowledgmentsI would like to thank Gabriel Brondino, José Bruno Fevereiro, Marcelo Tonon and Michael Lahr for the comments and suggestions made at the 26th Input-Output Association Conference in Juiz de Fora, and, again, to Marcelo Tonon, for a later discussion about the paper. Also to Óscar Dejuán, who sent me by e-mail his detailed notes on a previous version, to Nuno Teles, for his careful reading and accurate remarks, and to the two anonymous reviewers for the suggestions, which certainly improved this final version.Disclosure statementNo potential conflict of interest was reported by the author(s).Notes1 See the appendix for the step-by-step derivation.2 See the appendix.3 See the appendix for intermediate steps.4 As discussed later, separate multipliers leading us to matrix representations could arise from different propensities to consume attributed to different income groups, not from different economic activities.5 Boosted by the ‘increased expenditure of wages and profits that is associated with the primary employment’ (Kahn Citation1931, p. 173).6 A similar procedure can be found in Trigg and Lee (Citation2005) for employment and ten Raa (Citation2005, p. 28) for income. See the appendix for intermediate steps.7 Interestingly enough, the results concerning the division between total income multipliers and simple income multipliers first appear in economics as an empirical curiosity (Moore and Petersen Citation1955; Hirsch Citation1959; Sandoval Citation1967). From there, Sandoval (Citation1967), Bradley and Gander (Citation1969) and ten Raa and Chakraborty (Citation1983) have started to seek an explanation through different mathematical approaches. Notwithstanding, none of these studies mention the Keynesian multiplier, including the second edition o

14承认“超一体化背后的关键概念是(固定和流通)投资支出的诱导特征”(Garbellini and Wirkierman引文，2014，第163页)实际上，Dejuán (Citation2014)提出了两种将自主需求转换为总产出的矩阵，凯恩斯主义的具有诱导消费的矩阵和斯拉菲主义的具有诱导投资的矩阵。Portella-Carbó (Citation2016)提出了将自主需求转化为总产出和就业的矩阵，并引入了诱导消费和投资参见Timmer等人(Citation2015)的数据库指南。对于收入，采用公式16(16)v=x - 1[x - (i ' ax -) '](16)中对增加值的特殊定义，对于就业，社会经济核算中选择的变量是从事经济活动的人数Ramey (Citation2011)回顾了关于政府支出乘数的经验证据，Spilimbergo等人(Citation2009, p. 2)提供了可访问的“财政乘数政策制定者的背景信息”由于假定所有国家的消费和投资都是完全诱导的，因此，只有当有可信的证据表明消费和投资的自主部分，例如通过金融机构渠道，高于其他国家的平均水平时，美国的结果才应被认为是扭曲的。

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引用次数: 1

Shadow Money in the History of Monetary Thought 货币思想史上的影子货币

Q3 ECONOMICS

REVIEW OF POLITICAL ECONOMY

Pub Date : 2023-11-02 DOI: 10.1080/09538259.2023.2272140

Steffen Murau, Tobias Pforr

ABSTRACTFollowing the 2007–9 Global Financial Crisis, scholars have conceptualized the credit instruments that lay at its center as ‘shadow money’. As this perspective seems to contradict many established monetary theories, we situate the shadow money concept in the history of monetary thought and clarify the assumptions under which it is meaningful. First, the shadow money concept stems from a market-based credit theory of money which rejects notions that money is primarily chosen by the state and that credit is logically subordinate to money. We explain the associated implications by mobilizing the ‘Matrix of Monetary Thought’ as an analytical tool. Second, the shadow money concept transcends the orthodox three-functions-theory of money because it prioritizes the unit-of-account function as the basis to operate payment systems. This is a theoretical position that stands in the tradition of Henry Thornton. Third, the shadow money concept assumes an inherent hierarchy within monetary systems with a spectrum of monetary forms at the edge of which definitions of moneyness get blurry. The defining feature for credit money is the existence of a par relationship with the ex ante defined unit of account. We conclude that conceptually ambiguous shadow money forms have existed across multiple historical eras.KEYWORDS: Credit theoryhierarchyfunctions of moneyGlobal Financial Crisisfinancial innovationJEL CODES: B20E40E44E50 AcknowledgementsWe would like to use this opportunity to acknowledge and thank the reviewers who reviewed this article and aided in its publication.Disclosure StatementNo potential conflict of interest was reported by the author(s).Additional informationFundingSteffen Murau acknowledges financial support by the German Research Foundation (DFG) through grant 415922179 and 499921148.

摘要2007 - 2009年全球金融危机之后，学者们将处于危机中心的信贷工具概念化为“影子货币”。由于这一观点似乎与许多既定的货币理论相矛盾，我们将影子货币概念置于货币思想史中，并澄清其意义所在的假设。首先，影子货币的概念源于以市场为基础的货币信用理论，该理论反对货币主要由国家选择以及信用在逻辑上服从于货币的观念。我们通过动员“货币思想矩阵”作为分析工具来解释相关的含义。其次，影子货币概念超越了正统的货币三功能理论，因为它优先考虑记账单位功能作为运作支付系统的基础。这是亨利·桑顿传统的理论立场。第三，影子货币概念假定在货币体系中存在固有的等级制度，在货币形式的边缘存在一系列货币形式，货币的定义变得模糊。信用货币的定义特征是与事先确定的记账单位存在等值关系。我们的结论是，概念模糊的影子货币形式存在于多个历史时代。关键词:信用理论、等级制度、货币功能、全球金融危机、金融创新jel代码:B20E40E44E50致谢我们想借此机会感谢审阅本文并协助其发表的审稿人。披露声明作者未报告潜在的利益冲突。steffen Murau感谢德国研究基金会(DFG)通过拨款415922179和499921148提供的财政支持。

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引用次数: 0

Components of Autonomous Demand Growth and Financial Feedbacks: Implications for Growth Drivers and Growth Regime Analysis 自主需求增长和金融反馈的组成部分:对增长驱动因素和增长机制分析的影响

Q3 ECONOMICS

REVIEW OF POLITICAL ECONOMY

Pub Date : 2023-11-02 DOI: 10.1080/09538259.2023.2269369

Ryan Woodgate, Eckhard Hein, Ricardo Summa

ABSTRACTThis paper presents a simple closed-economy model that is driven by the growth of two autonomous components of demand, namely government spending and rentiers’ consumption out of interest income. Using this model, it seeks to make two contributions. First, by focusing on the financial dynamics that arise from debt-financed government spending, we show that an underlying stock-flow interaction provides an endogenous mechanism which, under certain conditions, aligns the two autonomous growth rates in the long run. Hence, an economy can be driven by two autonomous components of demand, without one dominating the other in the long-run nor without policy changes being required to align the two growth drivers. Second, we prove that if two autonomous demand components are dynamically interdependent, then the relative size of their growth contributions may be misleading as a guide to classify growth regimes, both in the long-run equilibrium as well as during the traverse towards this equilibrium. Furthermore, we show that the relative growth contributions are economic policy contingent. We thus argue that interdependencies between autonomous growth components arising from financial stock-flow interactions should not be ignored in Sraffian supermultiplier growth decomposition exercises that aim to identify underlying growth drivers.KEYWORDS: Sraffian supermultiplier and endogenous credittwo autonomous growth driversdemand-led growth accountinggrowth regimesJEL CODE: E11E12E20E62 AcknowledgementsWe would like to use this opportunity to acknowledge and thank the reviewers who reviewed this article and aided in its publication.Disclosure StatementNo potential conflict of interest was reported by the author(s).Notes1 See Cesaratto (Citation2017), Cesaratto and Di Bucchianico (Citation2020), and Cesaratto and Pariboni (Citation2022) for detailed accounts of the close relationship between autonomous demand-led growth and post-Keynesian monetary circuit and endogenous money theory. In this context, Cesaratto and Pariboni (Citation2022, 306) also point out the close relationship of Sraffian supermultiplier models with Kalecki’s notion that external markets created by government deficits and export surpluses are drivers of growth: ‘The autonomous components of aggregate demand, which in the supermultiplier model drive growth and coincide with Kalecki-Luxemburg’s external markets, can be financed by purchasing power creation by banks, by accumulated wealth or foreign income. … By definition, external markets are fueled by debt creation, and the seed of financial instability and crisis can be traced here.’2 For a stock-flow supermultiplier model with two debt-financed autonomous expenditures (autonomous government and household consumption), and interrelations between sectoral autonomous demand growth and sectoral indebtedness, with possible emergence of financial fragility processes, see Pedrosa, Brochier, and Freitas (Citation2023).3 We do not mention gove

因此，我们也没有探讨不同收入流的不同消费倾向可能产生的影响因此，本文没有进一步说明c和i的变化对需求和产出的影响我们忽略长期均衡值为0的平凡解这对稳定状态下的产出水平产生了影响(公式4)，因为较高的投资倾向增加了产出水平参见Freitas和Serrano (Citation2015, 14)，他们也详细解释了这种稳定性条件。例如，Hein和Woodgate (Citation2021)以及Morlin (Citation2022)也发现了类似的稳定性条件对于美国情况下稳定性条件(18)和(19)的经验合理性评估，分别参见Blanchard (Citation2019)和Haluska, Braga和Summa (Citation2021)自主成分的分解水平可以更详细，例如，区分政府消费和投资、国有企业投资、企业研发投资以及公共转移和公共工资消费(Labat和Summa Citation2023)。然而，在SSM的需求导向增长会计文献中，没有一篇论文包括公共债务利息消费。我们认为，经验性地估计后一种影响，并将其纳入不同国家的需求主导的分解工作，以检查其对增长的贡献，应该是本研究议程的理想未来发展我们正在简化这个故事，因为出口也可以作为西班牙经济的第二个主动自动驱动因素当然，这只是一个简化的风格化的故事，因为在巴西的案例中，信贷和住宅投资之外的自主消费也可以被视为重要的主动自主驱动因素当然，γ的减少和/或i的增加可能不足以改变主要的生长贡献。虽然这里没有说明，但人们可以同样地研究相反的情况，其中政策冲击是γ的上升和/或下降。不出所料，冲击后时期的结果，在定性方面，是图2所示的镜像，即上升的政府支出-债务比率ρ，较低的阈值d，较高(和上升)的政府支出的增长贡献，以及较低(和下降)的自主支出的增长贡献。

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引用次数: 1

Globalization of Production and Absolute Advantage in a Classical Approach 经典视角下的生产全球化与绝对优势

Q3 ECONOMICS

REVIEW OF POLITICAL ECONOMY

Pub Date : 2023-10-24 DOI: 10.1080/09538259.2023.2265102

Pedro S. Machado

Trade in intermediate goods has grown in importance over the past decades. However, there is an apparent inability of trade theory to deal with it. A suitable place to look for an explanation is the classical theory, which puts emphasis in the circular aspect of production. This paper uses a classical-production framework, based on Sraffa’s contributions, to investigate the globalization of production. It presents a novel closure to the system of international prices based on given wage disparities. This novel closure emphasizes the relevance of absolute cost advantages in the determination of international prices and the geographical distribution of production.

在过去的几十年里，中间产品的贸易变得越来越重要。然而，贸易理论显然无法解决这一问题。寻找解释的一个合适的地方是古典理论，它强调生产的循环方面。本文以斯拉法的贡献为基础，采用经典生产框架来研究生产的全球化。它提出了一种以既定工资差距为基础的国际价格体系的新颖终结。这种新颖的封闭性强调了绝对成本优势在确定国际价格和生产的地理分布方面的相关性。

引用次数: 0

Keynesian Equilibria as Centers of Gravitation? 凯恩斯均衡是重心吗?

Q3 ECONOMICS

REVIEW OF POLITICAL ECONOMY

Pub Date : 2023-10-17 DOI: 10.1080/09538259.2023.2260321

Claudio Sardoni

ABSTRACTStarting from some of Geoff Harcourt’s contributions, this article deals with the problem of macroeconomic equilibria as centers of gravitation from a Keynesian perspective. It is argued that the Keynesian notion of short-period underemployment equilibrium (or rest state) represents a sustainable analytical notion of center of gravitation in so far as a static state is assumed. If the economy grows over time, dealing with the problem of centers of gravitation requires a long-period perspective, which, however, cannot be reduced to the use of equilibrium growth models. A more general approach to the dynamics of market economies is a better way to support Keynes’s idea that the economy tends to fluctuate around positions characterized by the unemployment of resources.KEYWORDS: Centers of gravitationshort- and long-period analysismodels of growthJEL CLASSIFICATION: E10E12O40P10 AcknowledgementsI would like to thank M. Boianovsky, B. Ingrao, F. Ruggeri for their helpful comments and suggestions. Any possible mistake is, of course, my sole responsibility. I would also like to use this opportunity to acknowledge and thank the reviewers who reviewed this article and aided in its publication.Disclosure StatementNo potential conflict of interest was reported by the author.Notes1 Some of these papers have been re-published in Harcourt (Citation1992): ‘The legacy of Keynes: Theoretical methods and unfinished businesses’ (Citation1987); ‘Marshall, Sraffa and Keynes: Incompatible bedfellows?’ (Citation1981); ‘Marshall’s Principles as seen at Cambridge through the eyes of Gerald Shove, Dennis Robertson and Joan Robinson’ (Citation1991). This article focuses on the first two.2 Harcourt (Citation1992 [Citation1981], pp. 254–258) devotes considerable attention to Sraffa, his critique of Marshall, and the way in which Sraffa’s normal values can be interpreted. Harcourt (Citation2018) returns to the problem of centers of gravitation by concentrating on Sraffa and different interpretations of his theory.3 Keynes’s ‘indecisiveness’ resides in the fact that ‘he had all but despaired of finding a determinate unit of time into which all various interrelated processes and decisions he was analysing could be fitted so he decided never to push any particular piece of analysis very far past its starting point, preferring to get only the central message across’ (Harcourt Citation1992 [Citation1981], pp. 259–260).4 For Keynes (Citation1973 [Citation1936], p. 249), ‘it is an outstanding characteristic of the economic system in which we live that, whilst it is subject to severe fluctuations in respect of output and employment, it is not violently unstable. Indeed, it seems capable of remaining in a chronic condition of sub-normal activity for a considerable period without any marked tendency either towards recovery or towards complete collapse.’5 ‘Keynes … adopted Marshall’s methods for his own purposes, the determination of output and employment as a whole, the theory

摘要本文从杰夫·哈考特的一些贡献出发，从凯恩斯主义的角度探讨宏观经济均衡作为重心的问题。有人认为，凯恩斯主义关于短期就业不足均衡(或休息状态)的概念代表了一种可持续的分析重心概念，只要假设静止状态。如果经济随着时间的推移而增长，处理重心问题需要一个长期的视角，然而，这不能简化为使用均衡增长模型。对于市场经济的动态，一个更一般的方法是更好地支持凯恩斯的观点，即经济倾向于围绕以资源失业为特征的位置波动。关键词:重心;生长的短周期和长周期分析模型;jel分类:E10E12O40P10感谢M. Boianovsky、B. Ingrao、F. Ruggeri的宝贵意见和建议。当然，任何可能的错误都是我的责任。我还想借此机会感谢审阅本文并协助其发表的审稿人。披露声明作者未报告潜在的利益冲突。注1其中一些论文已在Harcourt (Citation1992)上重新发表:“凯恩斯的遗产:理论方法和未完成的事业”(Citation1987);马歇尔、斯拉法和凯恩斯:不相容的同床共枕?”(Citation1981);“杰拉尔德·普塞、丹尼斯·罗伯逊和琼·罗宾逊眼中的剑桥马歇尔原则”(Citation1991)。本文的重点是前两个Harcourt (Citation1992 [Citation1981]， pp. 254-258)对斯拉法、他对马歇尔的批判以及斯拉法的正常价值观的解释方式给予了相当大的关注。Harcourt (Citation2018)通过关注斯拉法和对他的理论的不同解释，回到了引力中心的问题凯恩斯的“犹豫不决”存在于这样一个事实，“他几乎绝望地找到一个确定的时间单位，在这个时间单位里，他所分析的所有各种相互关联的过程和决定都可以被适应，所以他决定永远不要把任何特定的分析推到离起点太远的地方，而宁愿只得到中心信息”(Harcourt Citation1992 [Citation1981]， pp. 259-260)对于凯恩斯(Citation1973 [Citation1936]，第249页)来说，“这是我们所生活的经济体系的一个突出特征，尽管它受制于产出和就业方面的严重波动，但它并不是剧烈不稳定的。”事实上，它似乎能够在相当长的一段时间内保持一种低于正常活动的慢性状态，而没有任何明显的恢复或完全崩溃的趋势。“凯恩斯……为了自己的目的采用了马歇尔的方法，即产出和就业作为一个整体的决定，有效需求理论，一旦他确信萨伊定律不成立，那么普遍过剩是一种理论可能性，就像当时他周围的世界显然是一种实践可能性一样”(Harcourt Citation1992 [Citation1987]， p. 240)在这本书的致谢中，卡恩花了几页来澄清短期与长期不同的概念在后凯恩斯主义者和卡莱金主义者中，有几个人反对正常和恒定程度的产能利用率。关于这个问题的辩论的总结，请参见，例如，Lavoie (Citation2014, pp. 387-410)和Patriarca和Sardoni (Citation2014)。关于产能利用的争论主要是关于长期的。在这里，我们保留一个常数u *的假设，我们认为它在短周期框架内是一个安全的假设如果b=1，调整在一个周期内完成错误的短期预期也会导致产能利用程度偏离u *，因此有理由认为u≠u *会影响投资;然而，在这里，投资保持不变的限制性假设排除了这种可能性这将是在分析最初出现预期恶化的情况时应遵循的逻辑为简单起见，我们假设产出的所有均衡水平都低于充分就业水平，设为Yfe * .12引用凯恩斯主义的短期分析，Domar (Citation1957 [Citation1946]，第73页)认为:因为在凯恩斯主义体系中，投资仅仅是一种创造收入的工具，该体系没有考虑到一个极其重要、基本和众所周知的事实，即投资也能提高生产能力。

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引用次数: 0