论当前国内对现代货币理论的误解  

On the Prevailing Misunderstandings of Modern Money Theory in China

作　　者：何增平 贾根良[2] He Zengping;Jia Genliang(School of Humanities and Social Sciences,Beijing Institute of Technology,Beijing 102488,P.R.China;School of Economics,Renmin University of China,Beijing 100872,P.R.China)

机构地区：[1]北京理工大学人文与社会科学学院,北京102488 [2]中国人民大学经济学院,北京100872

出　　处：《山东大学学报（哲学社会科学版）》2023年第1期171-181,共11页Journal of Shandong University(Philosophy and Social Sciences)

基　　金：中国博士后科学基金面上资助项目“全面抗战时期陕甘宁边区的货币思想研究”(2022M710398)。

摘　　要：现代货币理论已然是一股不可忽视的经济思想浪潮,然而国内学界对它仍存在着多种误解。以下命题澄清了国内流行的对现代货币理论的六种误解:(1)现代货币理论不等于一种政策主张,而是一个系统的理论体系;(2)现代货币理论不认为政府可以无限制地支出,政府支出会面临资源、环境、生产能力、通货膨胀、汇率波动等多方面限制;(3)现代货币理论不等于总需求微调政策,强调宏观经济政策应当考虑经济的结构问题;(4)现代货币理论不主张废除独立的中央银行制度;(5)现代货币理论不等于财政赤字货币化,财政赤字货币化这一概念是对货币金融系统的错误认识;(6)现代货币理论的三部门恒等式是一种核算关系,不代表一种因果联系。在现代货币理论传播中存在着两股相互对抗的历史趋势:一方面,重构财政政策的诉求推动了对现代货币理论的持续关注;另一方面,主流经济学主导的理论诠释生成了对现代货币理论的误解。这两股历史趋势是误解长期存在的科学社会学根源。Modern Money Theory(MMT) has become a trend of thought that cannot be ignored, but there are still many misunderstandings about MMT in China. This paper attempts to clarify the misunderstandings via the following six propositions: 1) MMT is not equal to a policy proposition, but a systematic theory;2) MMT does not equal unlimited government spending and fiscal expenditure have many constraints such as real resources, natural environment, production capacity, inflation, exchange rate, etc.;3) MMT opposes fine-tuning and emphasizes that economic policies should take into account the structural problems;4) MMT does not advocate abolishing central bank independence;5) MMT is not equal to the monetization of fiscal deficits and believes that monetization is a misleading concept of the financial system;6) The sectoral balance identity is an accounting relationship and does not represent a causal link. The paper analyses the roots of the misunderstandings based on sociology of science. There are two opposing historical trends in the spread of MMT. On one hand, the appeal to restructure fiscal policy caused MMT’s prevailing trend;on the other hand, the dominance of mainstream economics in interpreting MMT generated misunderstandings of MMT.

关 键 词：现代货币理论 非主流经济学 财政赤字货币化 中央银行独立 部门收支分析方法 

分 类 号：F822[经济管理—财政学]