The lesson from many developed and developing countries is that underinvestment in infrastructure, human capital, institutions, and the economy’s knowledge and technology base reduces long-term growth. Short- and medium-term growth can be sustained for a while by substituting public and private debt for investment – that is, borrowing against future income and consumption.
许多发达和发展中国家的教训是，基础设施、人力资源、制度和经济的知识和技术基础的投资不足会抑制长期增长。中短期增长可以通过用公私债务替代投资维持，即用未来收入和消费为抵押借钱。但这种方法会形成一种自我局限的模式，因为资产负债表受到了损坏，需求得不到提振，而预期不得不向下修正。