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政府支出的融资方式如何影响长期经济增长和社会福利是一个十分重要的问题。基于政府公共支出的外溢性视角,将其纳入到社会生产函数中,构建一个动态一般均衡模型,从经济增长和社会福利的角度,比较基于资本所得与劳动所得进行融资的优劣。研究结果显示:(1)在样本经济参数环境下,无论是基于劳动所得还是资本所得融资,两者与经济增长、社会福利之间均呈现“驼峰”型关系;(2)从经济增长角度看,基于劳动所得融资的边际效应大于资本所得融资的边际效应,调整劳动所得的政策效果更强;(3)从社会福利角度看,资本所得融资下的社会福利要大于相应劳动所得融资下的社会福利,调整资本所得更具有效率。
How government financing can affect long-term economic growth and social welfare is a very important issue. Based on the government’s public expenditure’s spillover perspective, it is included in the social production function, and a dynamic general equilibrium model is constructed. From the perspective of economic growth and social welfare, the advantages and disadvantages of financing based on capital gains and labor’s gains are compared. The results show that: (1) In the context of the sample economic parameters, both the economic growth and the social welfare show a “hump” relationship, whether based on income from work or from capital; (2) (3) From the perspective of social welfare, the social welfare under the financing of capital should be greater than that of the corresponding labor income financing Social welfare, more efficient capital gains.