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欧美国家正经历着实际利率的持续下降,要实现充分就业短期内已无可能,这意味着其经济增长将陷入长期停滞的困境。究其根本原因,在于经济运行方式中已逐步被观察到的一个新的典型化事实,即经济虚拟化。经济虚拟化的进程中,虚拟资本全球性的泛滥式膨胀,经济杠杆化过程不断泛化,推动均衡实际利率下降,使得宏观经济政策的有效性弱化,最终增长陷入长期停滞。欧美经济要想走出停滞的困境,需要进行经济结构的去虚拟化,然而这是一个漫长而痛苦的过程。
Europe and the United States are experiencing a continuous decline in real interest rates, to achieve full employment in the short term has been impossible, which means that its economic growth will fall into long-term stagnation. The basic reason is that the economy has gradually been observed in a new type of typical fact that economic virtualization. In the process of economic virtualization, the global bloated expansion of virtual capital and the process of economic leveraging continue to be generalized, pushing down the equilibrium real interest rate, weakening the effectiveness of macroeconomic policies and finally ending up in long-term stagnation. If Europe and the United States want to get out of the stalled economy, they need to de-virtualize their economic structure. However, this is a long and painful process.