A Neoclassical Perspective on Budget Deficits
比较了新古典、凯恩斯和李嘉图三种学派对预算赤字经济效应的看法，认为新古典框架提供了最相关的见解，并建议政府应聚焦于刺激储蓄和资本积累，逐步减少永久性赤字。
Generally speaking, there are three schools of thought concerning the economic effects of budget deficits: Neoclassical, Keynesian, and Ricardian. It is remarkable that from among these three schools of thought, one can find support for every conceivable normative position. Whether one thinks of deficits as good, bad, or irrelevant therefore depends fundamentally on one's choice of a paradigm. Certainly, no single paradigm corresponds exactly to reality. Nevertheless, it is my view that the Neoclassical framework offers the most relevant insights into the economic effects of deficits. The new Administration would do well to focus on the goals of stimulating saving and capital accumulation, and to formulate a policy for gradually reducing permanent deficits.