负利率与经济发展:对时间偏好利息说的理论反思  

Negative Interest Rate and Economic Development:Reflection on the Time Preference Theory of Interest

作　　者：朱富强 ZHU Fuqiang(China Economics Research Center,Henan University,Kaifeng Henan 475004)

机构地区：[1]河南大学中国经济学研究中心,河南开封475004

出　　处：《经济纵横》2023年第7期16-26,共11页Economic Review Journal

摘　　要：时间偏好利息说在现代西方主流经济学中占据核心地位,它不仅是资本价值及其所有者获取收入的理论基础,也是调节资源配置和促进社会发展的理论基础。然而,通过理论基础和实践效果两方面的深入审视可以发现,时间偏好利息说仅仅是现代西方主流经济学基于特定时期的一种构想,并不利于社会经济的长期发展。事实上,正是基于这种先验理论,现代西方主流经济学将那种只关注当下的非理性行为予以合理化,而不是致力于提升关注长远利益的实质理性,甚至还会诱导人们更关注眼前的“及时行乐”,而不是从人类进步和可持续发展的角度为未来留置资源。对此,需要通过提高关注长远的人类理性,改变人们的消费或行为习惯。此时,通过低利率甚至负利率来刺激生产投资,就不再是特定时期摆脱经济衰退的非常规手段,而是逐渐成为促进经济增长的常态。The time preference theory of interest possesses a core position in modern Western mainstream economics.It is the theoretical basis for not only the capital value and its owners’income but also for regulating resource allocation to promote social development.The in-depth examination of the theoretical basis and practical effects reveals that this theory is only a concept based on a specific period in modern Western mainstream economics,which is not conducive to the long-term development of economy.It is based on this prior theory that modern Western mainstream economics rationalizes the irrational behavior that only focuses on the present,rather than improving the substantive rationality that focuses on long-term interests.Moreover,it even induces people to merely care immediate interests rather than reserving resources for the future from the perspective of human progress and sustainable development.Improving the human rationality of caring the long-term future can alter people’s consumption or behavioral habits.From this point of view,stimulating production and investment by low or even negative interest rate becomes the norm of economic growth rather than a nonconventional approach to address economic recession in a specific period.

关 键 词：时间偏好 利息理论 现状偏见 人类理性 负利率 

分 类 号：F014[经济管理—政治经济学]