碰男降贸多大是 高级商务英语阅读 supported by production of real wealth. Consequently,this leads to a weakening in the real pool of savings,which in tumn undermines real economic growth.In short,all that printing money can achieve is a redirection of real savings from wealth generating activities towards non-productive wealth consuming activities.So obviously there cannot be any economic growth as a result of this redirection. If anything,unanticipated monetary growth will undermine real economic growth via the dilution of the pool of real funding.Why is it then that one observes that rising money is associated with a rise in economic indicators like real GDP?All that we observe in reality is an increase in monetary spending-this is what GDP depicts.In other words,the more money is printed the higher GDP will be. So-called real GDP is just nominal GDP deflated by a meaningless price index.Hence so-called observed economic growth is just the reflection of monetary expansion and has nothing to do with real economic growth,which cannot be measured by quantitative methods. After all,it is not possible to establish a meaningful total by adding potatoes and tomatoes.So while unanticipated monetary growth cannot grow the economy it definitely produces a real effect by undermining the pool of real savings and thereby weakening the real economy. Likewise anticipated money growth cannot be harmless to the real economy.Even if the money rate of growth is fully anticipated there is always someone who gets it first.For instance,take an individual who fully expects the future course of monetary policy.This individual now decides to borrow $1000 from a bank.The bank obliges and lends him the $1000,which the bank has created out of "thin air". Now,since this money is unbacked by any previous production of real wealth it will set in motion an exchange of nothing for something,or a redirection of real savings from wealth generators towards the borrower of the newly created $1000.This redirection and hence real negative effect on the pool of savings cannot be prevented by an individuals correct expectation of monetary policies. Even if the money is pumped in such a way that everybody gets it instantaneously,changes in the 第5页共8页高级商务英语阅读 supported by production of real wealth. Consequently, this leads to a weakening in the real pool of savings, which in turn undermines real economic growth. In short, all that printing money can achieve is a redirection of real savings from wealth generating activities towards non-productive wealth consuming activities. So obviously there cannot be any economic growth as a result of this redirection. If anything, unanticipated monetary growth will undermine real economic growth via the dilution of the pool of real funding. Why is it then that one observes that rising money is associated with a rise in economic indicators like real GDP? All that we observe in reality is an increase in monetary spending — this is what GDP depicts. In other words, the more money is printed the higher GDP will be. So-called real GDP is just nominal GDP deflated by a meaningless price index. Hence so-called observed economic growth is just the reflection of monetary expansion and has nothing to do with real economic growth, which cannot be measured by quantitative methods. After all, it is not possible to establish a meaningful total by adding potatoes and tomatoes. So while unanticipated monetary growth cannot grow the economy it definitely produces a real effect by undermining the pool of real savings and thereby weakening the real economy. Likewise anticipated money growth cannot be harmless to the real economy. Even if the money rate of growth is fully anticipated there is always someone who gets it first. For instance, take an individual who fully expects the future course of monetary policy. This individual now decides to borrow $1000 from a bank. The bank obliges and lends him the $1000, which the bank has created out of "thin air". Now, since this money is unbacked by any previous production of real wealth it will set in motion an exchange of nothing for something, or a redirection of real savings from wealth generators towards the borrower of the newly created $1000. This redirection and hence real negative effect on the pool of savings cannot be prevented by an individuals correct expectation of monetary policies. Even if the money is pumped in such a way that everybody gets it instantaneously, changes in the 第 5 页 共 8 页