There is no easy answer – not least because of the wide range of factors contributing to the trend. Beyond public-sector underinvestment, there is monetary policy, which, whatever its benefits and costs, has shifted corporate use of cash toward stock buy-backs, while real investment has remained subdued.
这个问题没有简单的答案——因为决定这一趋势的因素范围甚广。除了公共部门投资不足，还有货币政策——不管货币政策成本收益如何，它促使公司用现金进行股票回购，而实际投资依然萎靡。