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Deficit spending is the amount by which spending exceeds revenue over a particular period of time, also called simply deficit, or budget deficit; the opposite of budget surplus. The term may be applied to the budget of a government, private company, or individual. Government deficit spending is a central point of controversy in economics, as discussed below. == Controversy == Government deficit spending is a central point of controversy in economics, with prominent economists holding differing views.〔In "(Britain’s Deficit )", February 16, 2010, Paul Krugman cites two opposing groups of economists, one arguing that Britain should cut its deficit immediately, the other arguing that the deficit provides useful or necessary fiscal stimulus.〕 The mainstream economics position is that deficit spending is desirable and necessary as part of countercyclical fiscal policy, but that there should not be a structural deficit (i.e., permanent deficit): The government should run deficits during recessions to compensate for the shortfall in aggregate demand, but should run surpluses in boom times so that there is no net deficit over an economic cycle (i.e., only run cyclical deficits and not structural deficits). This is derived from Keynesian economics, and gained acceptance (especially in the Anglo-Saxon world) during the period between the Great Depression in the 1930s and post-WWII in the 1950s. This position is attacked from both sides: Advocates of fiscal conservatism argue that deficit spending is always bad policy, while some post-Keynesian economists—particularly post-Keynesian Chartalists—argue that deficit spending is necessary, and not only for fiscal stimulus. According to most economists, during recessions, the government can stimulate the economy by intentionally running a deficit. The deficit spending requested by John Meynard Keynes for overcoming crises is the monetary side of his economy theory. As investment equates to real saving, money assets that build up are equivalent to debt capacity. Therefore, the excess saving of money in time of crisis should correspond to increased levels of borrowing, as this generally doesn't happen - the result is intensification of the crisis, as revenues from which money could be saved decline while a higher level of debt is needed to compensate for the collapsing revenues. The state's deficit enables a correspondent buildup of money assets for the private sector and prevents the breakdown of the economy, preventing private money savings to be run down by private debt. The monetary mechanism describing how revenue surpluses enforce corresponding expense surpluses, and how these in turn lead to economic breakdown was explained by Wolfgang Stützel much later by the means of his Balances Mechanics. William Vickrey, awarded the 1996 Nobel Memorial Prize in Economic Sciences, commented: Deficits are considered to represent sinful profligate spending at the expense of future generations who will be left with a smaller endowment of invested capital. 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「Deficit spending」の詳細全文を読む スポンサード リンク
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