| 单词 | Ricardian equivalence |
| 释义 | Ricardian equivalence The argument that individuals' savings behaviour will be affected in the same way by government spending, whether this is financed by taxes or borrowing. The argument is that whatever the government borrows now, it will have to repay in the future, so that future taxes will have to rise. The effect of government borrowing on the permanent income of taxpayers is therefore the same as that of taxation. This argument is valid only if all taxpayers have rational expectations, either believe they are immortal or value their heirs' welfare equally to their own, and are not liquidity-constrained. Few economists really believe in full Ricardian equivalence: the forces discussed may however make government spending less expansionary than naïve Keynesian models suggest. |
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