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近年来,我国国债的发行规模迅速扩大,社会公众对认购国债也表现出浓厚的兴趣,国债在我国经济生活中正扮演着越来越重要的角色。然而,被誉为“财政学之父”的英国经济学家亚当·斯密;(Adam smith ,1723—1790年)曾明确否定公债。亚当·斯密虽然承认公债是筹措战争经费的有效手段,但是从公债与经济的角度看,他认为是有害无益的,主要因为公债会侵蚀资本:“最初债权者贷与政府的资本,在贷与的那一瞬间,已经由资本的机能转化为收入的机能了,换言之,它已经不是用以维持生产性劳动者,而是用于维持非生产性劳动者了。就一般而论,政府在借入那资本的当年,就把它消耗了,浪费了,无望其将来再产生什么。”据此,亚当·斯密断言:“一切举债国都会趋于衰弱”,意大利、西班牙、法国、荷兰等,“由举债而衰弱的国家,所在皆是”。
In recent years, the scale of issuance of treasury bonds in our country has expanded rapidly. The public has also shown great interest in the subscription of treasury bonds. Treasury bonds are playing an increasingly important role in our economic life. However, Adam Smith (1723-1790), a British economist known as the “father of fiscal studies,” explicitly denied public debt. Adam Smith, while acknowledging that public debt was an effective means of financing the war, considered it detrimental from the point of view of public debt and the economy, mainly because the public debt eroded capital: “The initial creditors’ loans to the government’s capital And that moment, the function of capital has been transformed into a function of income, in other words, it is no longer used to maintain productive laborers, but rather to maintain the unproductive laborers. As a general rule, By the time that capital was borrowed, it was consumed, wasted, and hopelessly produced in the future. ”Accordingly, Adam Smith asserted that“ all debtor countries will tend to weaken, ”and Italy, Spain, France, the Netherlands, etc. , “By the debts and weak countries, where are.”