{"resolved":true,"match_type":"uuid","source_type":"original_book","book_id":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","title":"虚拟资本：金融怎样挪用我们的未来","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9787300330303","requested_by":"printed_page","book":{"source_type":"original_book","book_id":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","id":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","uuid":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","title":"虚拟资本：金融怎样挪用我们的未来","normalized_title":"虚拟资本金融怎样挪用我们的未来","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9787300330303","isbns":["9787300330303"],"parsed":true,"ai_readable":true,"document_type":"book","page_count":236,"navigation_url":"https://workshop.closeclaw.top/ai/book/5aba73df-238c-4ba0-bd59-c6ff3e9099f3","title_url":"https://workshop.closeclaw.top/ai/title/%E8%99%9A%E6%8B%9F%E8%B5%84%E6%9C%AC%EF%BC%9A%E9%87%91%E8%9E%8D%E6%80%8E%E6%A0%B7%E6%8C%AA%E7%94%A8%E6%88%91%E4%BB%AC%E7%9A%84%E6%9C%AA%E6%9D%A5","fixed_page_url_template":"https://workshop.closeclaw.top/ai/book/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/page/{printed_page}","path_api_url_template":"https://workshop.closeclaw.top/api/ai/book/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/page/{printed_page}","read_url":"https://workshop.closeclaw.top/api/ai/read/5aba73df-238c-4ba0-bd59-c6ff3e9099f3","page_url":"https://workshop.closeclaw.top/api/ai/books/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/page","search_url":"https://workshop.closeclaw.top/api/ai/books/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/search"},"page":{"printed_page":51,"pdf_page":89,"physical_index":89,"physical_index_base":0,"printed_page_status":"recognized","page_sha256":"6ac3d8267f78b084921c220959f2d01f551022333bb5cd1fc78bde8d075df59c"},"chapter":"虚拟资本金融怎样挪用我们的未来","content":"过度向资本家发放信贷导致生产项目数量激增，而这些项目又远远超过了可用资源的承载能力。这就会导致投入品短缺，但为了使已购置的资本品运转起来，投入品必不可少。\n\n通常所说的“过度投资”，并不是指投资相对于最终产品需求而言的过剩，而是指大量启动新的投资项目，这些项目在完成或使用时所需的资本超过了可供支配的资本总量。换句话说，“过度投资”并不意味着储蓄过多，而是意味着储蓄过少(Hayek，1975，p. 167)。\n\n图3-1简要描述了当信贷得不到储蓄增加的补偿而产生对额外投资资产的需求时，可能产生的不稳定影响。危机爆发的原因在于资本不足，即缺乏未被消费的资源，从而无法用于部署新的设施。解决这个问题只有两种途径：第一，放弃部分生产项目，使投入品需求与可用的生产性资本存量之间恢复均衡；第二，减少消费，释放资源以满足投入品的需求。哈耶克认为，重新建立储蓄、信贷和新资本之间的均衡，是和谐利用可用资源的必要条件。\n\n这一论点源于哈耶克在20世纪30年代初阐述的经济周期理论。这一理论在1931年和1932年的《经济学期刊》（TheEconomic Journal）上引起了与凯恩斯和斯拉法（Sraffa）的激烈争论。争论的结果很快明显对哈耶克不利。哈耶克试图把维克塞尔（Wicksell）的自然利率概念（作为易货经济的一种思维方式）和瓦尔拉斯在货币经济背景下提出的一般均衡概念结合起来，这种尝试充满了逻辑矛盾，与当时迫切的经济需求完全脱节。也就在那个时候，这种关于储蓄不足的争论激发了布吕宁（Brüning）总理灾难性的通货紧缩政策，促成了阿道夫·希特勒（Adolf Hitler)的上台。\n\n第三章 虚拟资本：概念的谱系\n\n51","previous_page":50,"next_page":52}