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In economics, crowding out is argued by some economists to be a phenomenon that occurs when increased government involvement in a sector of the market economy substantially affects the remainder of the market, either on the supply or demand side of the market. One type frequently discussed is when expansionary fiscal policy reduces investment spending by the private sector. The increased borrowing 'crowds out' private investing. Originally, crowding out was related to an increase in interest rates from the borrowing, but that was broadened to multiple channels that might leave total output little changed or smaller.〔• Olivier Jean Blanchard (2008). "crowding out," ''The New Palgrave Dictionary of Economics'', 2nd Edition. (Abstract. ) • Roger W. Spencer & William P. Yohe, 1970. "The 'Crowding Out' of Private Expenditures by Fiscal Policy Actions," Federal Reserve Bank of St. Louis ''Review'', October, pp. (12-24 )〕 Other economists use "crowding out" to refer to government providing a service or good that would otherwise be a business opportunity for private industry, and be subject only to the economic forces seen in voluntary exchange. Other commentators and other economists sometimes use the term "crowding out" to refer the government spending using up financial and other resources that would otherwise be used by private enterprise. ==History== The idea of the crowding out effect, though not the term itself, has been discussed since at least the 18th century.〔Michael Hudson, “(How economic theory came to ignore the role of debt )”, ''real-world economics review, issue no. 57, 6 September 2011, pp. 2–24, (comments ), cited at bottom of page 5〕 Economic historian Jim Tomlinson wrote in 2010: "All major economic crises in twentieth century Britain have reignited simmering debates about the impact of public sector expansion on economic performance. From the 'Geddes Axe' after the First World War, through Keynes' attack on the 'Treasury View' in the interwar years, down to the 'monetarist' assaults on the public sector of the 1970s and 1980s, it has been alleged that public sector growth in itself, but especially if funded by state borrowing, has detrimental effects on the national economy." Much of the debate in the 1970s was based on the assumption of a fixed supply of savings within a single country, but with the global capital markets of the 21st century "...international capital mobility completely undermines a simple model of crowding out".〔(History and Policy.org-Jim Tomlinson-Crowding Out-December 5, 2010 )〕 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Crowding out (economics)」の詳細全文を読む スポンサード リンク
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