| 单词 | hard budget constraint |
| 释义 | hard budget constraint A limit to spending by some private or public body, where the results of breaching it are expected to be catastrophic. For example, managers whose firms fail to break even, or to achieve the required rate of profit, may expect the result to be loss of their jobs or closure of their firms. This is contrasted with a soft budget constraint, where the consequences of breaching set limits are not expected to be serious: managers expect that if they make losses the state will meet them. The vogue for privatization is based partly on the belief that this is the only way to get people to treat budget constraints as hard. |
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