In this “fundamental” narrative, the advanced countries’ pre-crisis GDP was unsustainable, bolstered by borrowing and unproductive make-work jobs. More borrowed growth – the Keynesian formula – may create the illusion of normalcy, and may be useful in the immediate aftermath of a deep crisis to calm a panic, but it is no solution to a fundamental growth problem.
在这一“基本面”观点看来，发达国家的危机前GDP增长是不可持续的，是用借贷和非生产性冗余工作岗位堆出来的。“借”来的繁荣——即凯恩斯模式——可以造成一种常态幻觉，在深度危机袭来后可以起到平息恐慌的作用，但绝非基本增长问题的解决办法。