通货膨胀与经济增长

Inflation and Economic Growth

本文认为,如果非均衡条件更能够加速经济高质量增长,从而在新的高度上达到均衡,就有理由以总需求略大于总供给作为制定发展政策的基础,因而就应有条件地采取小步温和的通货膨胀。作者建议,一方面通过经济体制改革,为通货膨胀的稀释创造必要的条件,另一方面在紧缩财政政策的同时,推行略宽的货币供应政策。

Basing on the argument that imbalance rather than balance better contributesto the effective growth of the economy and consequently to the new equilibrium ona higher level, Mr. Huang Xiaoxiang in the exposition under this title imphasizes the advisability of setting a general demand slightly bigger than the general supplyas the basis for any program for economic development. He proposes that, whilereforms in the economic system could bring about conditions favoring the dilutionof inflation, a more liberal monetary policy should be enforced along with themeasures aimed at tighter financial control.