| 单词 | multiplier |
| 释义 | multiplier 1) A formula relating an initial change in spending to the total change in activity which will result. The multiplier is applicable in an economy in which supply is elastic, so that activity is demand-determined. It is a type of calculation rather than any particular formula; the example which follows is only one of many possibilities. Consider an initial unit of extra spending on domestic goods, which may be investment, real government spending, exports or an autonomous rise in consumption. This spending creates incomes for suppliers, who in turn spend part of it, and so on, indefinitely. Each round of spending will be equal to the previous round minus leakages into payment of taxes, savings, or spending on imports. If a unit of income leads to t of tax payments then disposable income rises by (1 - t). Of this s (1 - t) is saved and (1 - s) (1 - t) is spent; and of this spending m (1 - s) (1 - t) is spent on imports and (1 - m) (1 - s)(1 - t) is spent domestically. Thus each round of domestic spending is r = (1 - m) (1 - s) (1 - t) times the size of the previous round, and the sum of these is 1 + r + r2 + … = 1/(1 - r). If spending at each round involves time lags, the multiplier process will take unlimited time to complete. If the leakages t, s and m are large, however, as they are in most modern economies, r is sufficiently small that most of the process is completed in the first few rounds. For example, if t = 0.4, s = 0.2, and m = 0.3, r = (0.6)(0.8)(0.7) = 0.336, so 1/(1 - r) = 1.506 approx; but the first three rounds account for 1.449 of this, or over 96% of the full multiplier effect. See also: balanced budget multiplier, foreign trade multiplier, and money multiplier 2) A mathematical device used in dealing with constrained maximum and minimum problems. See Lagrange multiplier. |
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