第七章 中英文 对照 版本 就业 利息 货币 通论.docVIP

PAGE PAGE 15 CHAPTER 7 THE MEANING OF SAVING AND INVESTMENT FURTHER CONSIDERED I IN the previous chapter Saving and Investment have been so defined that they are necessarily equal in amount, being, for the community as a whole, merely different aspects of the same thing. Several contemporary writers (including myself in my Treatise on Money) have, however, given special definitions of these terms on which they are not necessarily equal. Others have written on the assumption that they may be unequal without prefacing their discussion with any definitions at all. It will be useful, therefore, with a view to relating the foregoing to other discussions of these terms, to classify some of the various uses of them which appear to be current. 在前一章，对储蓄和投资以这样的方式定义，以致它们在数量上必然是相等的，因为对社会整体而言，它们不过是同一事物的不同方面。然而，几位当代学者（包括写作《货币论》时的我本人）曾为这些名词下过特殊的定义，并认为它们并不必然相等。其他学者的论著则建立在它们并不相等的假设上，但在讨论中并未给出任何定义。所以，对这两个术语的不同用法进行分类，以便明确以往关于这两个术语的讨论同其它讨论的关系，对读者将会是有用的。 So far as I know, everyone agrees in meaning by saving the excess of income over what is spent on consumption. It would certainly be very inconvenient and misleading not to mean this. Nor is there any important difference of opinion as to what is meant by expenditure on consumption. Thus the differences of usage arise either out of the definition of Investment or out of that of Income. 据我所知，每个人都同意，储蓄的意义在于它是收入超过消费支出的部分。如果储蓄的意义不是这样的话，那肯定是很不方便并会引起误解。至于什么是用于消费的开支，并不存在任何重大的观点分歧。因此，用法的差异不是来自对投资的有关定义，便是来自对收入的定义。 II Let us take Investment first. In popular usage it is common to mean by this the purchase of an asset, old or new, by an individual or a corporation. Occasionally, the term might be restricted to the purchase of an asset on the Stock Exchange. But we speak just as readily of investing, for example, in a house, or in a machine or in a stock of finished or unfinished goods and, broadly speaking, new investment, as distinguished from reinvestment, means the purchase of a capital asset of any kind out of income. If we reckon t