美国经济制度问题对美国经济中长期增长的影响

The Impact of the US Economic Institutions on Its Medium and Long-term Growth

美国自2008年以来出现明显的经济衰退,增长动力进一步减弱。大部分学者倾向于从技术进步降速等角度来解释美国全球经济影响力的式微,却忽视了美国经济增长的底层因素,即经济制度。美国的自由主义经济制度确实塑造了强大的金融产业与高端制造业,但制度会生锈,过度膨胀与边际效益递减导致原本的经济发展路径逐渐失灵,并反噬美国未来的中长期增长前景。本文从道格拉斯·诺斯的新制度主义角度出发,将美国的制造业、金融业、债务等问题视作经济衰退的外在表象,试图从内在的经济制度方面存在的问题来说明美国经济衰退的真相。美国目前的经济制度问题具体表现为政府对企业的约束力不够、政府稳定性与延续性不足、宏观政策制定的独立性缺乏。如果美国不在经济制度上做出根本性改变,那么对微观的局部调整只会是治标不治本,未来将严重掣肘美国中长期的经济增长。

The United States has experienced a significant economic recession since 2008.Most scholars tend to explain the phenomenon from the decline in technology and other aspects,but ignore the role of economic institution which serves as the underlying factor of American economic growth.Though the liberal capitalism in the United States has indeed shaped a powerful financial industry and high-end manufacturing,institutions without renovation will eventually corrupt.The original economic development path became failed due to excessive expansion and diminishing marginal utility,which further dimmed the medium-and long-term growth prospects of the United States.From the perspective of Douglass North’s neo-institutionalism,this article regards the US manufacturing,financial industry and debt problems as the external expression of the recession,and attempts to explain the recession from the perspective of economic institution.The current problems of the US economic system appear specifically to be insufficient governmental restraints on enterprises,inadequate political stability and continuity,and lack of independence in macroeconomic policy making.Without fundamental changes in economic institutions,the benefit of partial adjustments to existing policies at the micro level will be very limited.The outdated institutions will finally severely hinder the United States’medium-and long-term economic growth.