Under the tree with a new crooked neck.

"Mr. Jiang, what's the point? Even if it's discussed, what? I don't understand. ”

Zhu Gaoxu scratched his beard and asked the same question as his father.

Jiang Xinghuo didn't speak, but Xia Yuanji came to his senses.

"Very meaningful!"

Xia Yuanji deduced to himself: "This equivalence principle, no need to ask, everyone knows that it must be wrong." ”

"Indeed." Jiang Xinghuo said with a smile, "After all, we have to take care of the current situation, how can we have time to think about the distant future?" Everyone can't be asked to take such a long-term view. ”

Zhu Gaoxu became more and more confused: "Why is it to discuss a wrong thing?" ”

"It's wrong." Xia Yuanji patiently explained: "But the problem is that it reflects the truth of learning from the economy and the people. ”

"What's the truth?"

Xia Yuanji said: "The significance of this equivalence theorem proposed by Mr. Jiang is that when the imperial court issues the Ming treasury bonds, do ordinary people regard the Ming treasury bonds issued by the imperial court as part of their own wealth in the future?" ”

Zhu Gaoxu was stunned and replied without hesitation: "It must be!" ”

"No, the key point of this equivalence theorem is that if all the people feel that the Ming national debt needs their future taxes to repay, then the Ming national debt in their hands is actually meaningless, so it will not be regarded as part of their own wealth, and it will not be used to spend money. In this way, the flow of money will naturally not accelerate. ”

Xia Yuanji became more and more reasonable: "That is to say, in the face of taxation and the issuance of Ming treasury bonds, whether ordinary people will take different behaviors is of great significance to the financial formulation strategy of the imperial household department!" ”

"Only if we can prove that this equivalence theorem is completely wrong, it means that the issuance of Daming treasury bonds will allow the people to consume more and the currency to flow more, so that we can create more taxes such as commercial taxes and vehicle and vessel taxes, and we can also recover the excess treasure money in the hands of the people as soon as possible through the issuance of Daming treasury bonds.

After Jiang Xinghuo's careful teaching for several months, Zhu Gaoxu is not very stupid now, and when he heard this, combined with the previous lesson on currency, he also had a sense of seeing the sun.

"I see!"

"In other words, only by proving that this equivalence theorem is not correct can we ensure that the issuance of Daming treasury bonds is effective, otherwise, the issuance of Daming treasury bonds will also be white?"

Jiang Xinghuo smiled and bowed his head.

"This is the meaning of this equivalence theorem, only by letting you know what is wrong can you learn to be right."

Jiang Xinghuo briefly explained what is wrong with the equivalence theorem.

"First of all, in fact, ordinary people who bought the Ming Treasury bonds may not have the motive to bequeath, because they may not have children. Or they don't care about their children at all. Therefore, when the imperial court used national debt as an alternative to taxation, ordinary people would not leave the national debt to future generations to use to cope with the increase in the tax burden in the future.

On the contrary, since the increased taxes required to repay the principal and interest of the Ming national debt will not be levied until after his death, the present value of the tax burden he has to bear will decrease, which is equivalent to an increase in his current wealth, so the consumption expenditure of ordinary people in the current period may definitely increase. ”

Jiang Xinghuo wrote six more words on the ground.

- Marginal propensity to consume.

He then explained: "It means the change in consumption for every penny of disposable income in the hands of ordinary people. ”

"In other words, it's a different choice of consumption when you have money and don't have money."

Seeing that both of them said they could understand.

Jiang Xinghuo continued: "Secondly, the assumption that supports the equivalence theorem is that the imperial court reduces the tax burden on each ordinary person by the same amount, and there is no difference in the marginal consumption propensity of each ordinary person. But in fact, for each ordinary person, the amount of tax reduction in the Ming court could not be the same, and there were differences in the marginal consumption tendency between each ordinary person. ”

Afraid that they wouldn't understand, Jiang Xinghuo continued to use the example just now and slightly changed it to explain.

"Or the example of the 100 Wen Treasury just now, in order to facilitate the explanation, it is assumed that the beneficiaries of the tax reduction policy of the Ming Dynasty are half of the people in the world, and the current tax burden of the beneficiaries is reduced by 200 Wen copper coins, which is a different change from the previous example."

"Then the inconsistency of the scope of the holders of Daming treasury bonds and the bearers of tax burdens, as well as the inconsistency of the proportion of Daming treasury bonds held by the same holders of Daming treasury bonds and the proportion of tax burdens, make social resources [from the people with the same tax burden to the people with reduced tax burdens]."

"Wait, wait!"

Zhu Gaoxu hurriedly interrupted.

"What do you mean? Can Mr. Jiang give an example? ”

Jiang Xinghuo was empathetic and accommodating to the students' requests.

"It means that A and B are also rich families in the village, but A's family has more money, and B's family has less money."

"So the same is to buy Daming treasury bonds, the same is a tax cut, and A with a thick family foundation can afford to buy Daming treasury bonds equivalent to 2 times that of B, so is it that A's Daming treasury bonds hold a higher proportion than B?"

Zhu Gaoxu nodded.

"It is also a tax cut, if the money spent on the Daming treasury bonds bought by B is the same as the money spent to reduce the payment of taxes, is B's tax burden unchanged?"

Zhu Gaoxu nodded again.

"Then for A, he bought a Ming treasury bond equivalent to 2 times that of B, deducted half of the expenses, and offset the tax reduction. It is equivalent to A using the money from this year's tax reduction to buy the same Ming treasury bonds as B, and because his family has money, he bought an extra one. ”

"So compared with A and B, does the tax reduction reduce A's tax burden?"

Zhu Gaoxu nodded again as if he didn't understand.

Jiang Xinghuo continued.

"As a result, the beneficiaries of the tax cuts will increase current consumption, and those who suffer will reduce current consumption."

"Whether this change in the consumption structure will have an impact on aggregate demand depends on the comparison of marginal propensity to consume between the beneficiaries and the losers, and there will be three scenarios."

"The first, if the two are equal, does not affect the aggregate demand of society."

Zhu Gaoxu nodded, and if A and B were equal, they would be offset.

"Second, if the two are not equal, the former is greater than the latter, and the aggregate demand of society will increase."

Zhu Gaoxu nodded again, the number of people like A is greater than the number of people like B, so because there are still a lot of Ming national bonds after offsetting the tax cuts, they regard bonds as wealth and will spend money.

"Third, if the two are not equal, and the former is smaller than the latter, then the aggregate demand of society will be reduced."

Zhu Gaoxu finally understood.

If a person like B, that is, the money that he needs to pay less taxes after the imperial court's tax cut, is used to buy Ming treasury bonds, and there are exactly the same number of people than those who hold more Ming treasury bonds, then there are fewer people who want to spend money.

Jiang Xinghuo wiped his sweat.

For fear that they wouldn't understand, he himself was a little afraid of what he said.

"Of course, the reason why I use this equivalence theorem as an introduction is to make you understand the significance of taxation to the country."

Jiang Xinghuo wrote a line of words on the ground with his hand.

- Taxes are wealth, and taxes are debts.

"Do you understand?"

Looking at these words on the ground, Xia Yuanji's voice suddenly had a tremor that could be detected.

"The first half of the sentence is easy to understand, Mr. Jiang is saying that the money from taxes is the wealth of the country."

"How do you understand the second half of the sentence?" Jiang Xinghuo looked at this super-talented Mr. Qiu and asked.

"Taxes are debts, which is the tax-national debt equivalence theorem just now!"

It's really a winding path, and then it suddenly opens up!

Xia Yuanji suddenly realized why Jiang Xinghuo wanted to use the seemingly absurd, idealistic, and nonsensical equivalence theorem as an example.

Because.

can make them understand.

Taxes, why equals debt!

Although the pricing theorem is not destined to hold, they also understand that taxes are about equal to debt to some extent!

Then another conclusion can be deduced based on the fact that "taxes are wealth, and taxes are debts".

"For the country, the country's current debt is also the wealth of the future?" Natsuhara asked in disbelief.

Zhu Gaoxu was stunned.

Why is today's debt the wealth of the future?

Shouldn't it be turned over and say that for those who borrow money, the debts to be repaid in the future are the wealth that is now in their hands?

Odd.

——————

Confused.

Utter confusion lingered in the air of the chamber.

The emperor and the two Shangshu, who could still keep up with the lecture ideas just now.

Now I'm completely confused.

And the two little officials who followed the record, Guo Jin and the firewood car, were not much better, and they all bit their pens at this time and fell into thought.

"Master Daoyan."

Seeing that the two Shangshu couldn't count on it, Zhu Di turned around and asked.

"What do you mean – for the state, the debt of the state now is also the wealth of the future?"

Faced with the emperor's question, Dao Yan didn't answer for a long time, and he seemed to fall into some kind of wonderful contemplation.

Zhu Di called again, and Dao Yan came back to his senses.

That is, Dao Yan, if someone else is distracted in front of him, Zhu Di will not be used to it.

"Oh, that's a pretty simple question."

Hearing Dao Yan's words, Jian Yi and Ru Yu's faces were a little unbearable.

What is actually very simple?

Of course, Dao Yan didn't care about the opinions of the two Shangshu, he turned the rosary in his hand and explained slowly.

"The reason why the current treasury of the Ming Dynasty is the wealth of the future."

"It is because, since the equivalence theorem mentioned by Jiang Sheng just now is not valid, it also means that as long as the imperial court issues Ming treasury bonds, then it will stimulate the people to spend money, and the total wealth of the Ming Dynasty will increase, and in the future, if the principal and interest of the treasury bonds are repaid, the total wealth generated by tens of millions of ordinary people spending money will still increase compared to the present."

"This is why Jiang Sheng said that the current national debt is the wealth of the future."

"Because, the national debt can really stimulate the economy and create wealth."

If you talk about marching and fighting, Zhu Di is the first in the world.

Dealing with government affairs, Zhu Di can also achieve the upper middle level.

But this principle of helping the people through the country is so twisted and turned, it is really embarrassing for Zhu Di.

Zhu Di said simply: "I didn't understand the last sentence, please explain it in detail." ”

Dao Yan said indifferently: "That's what Xia Shangshu said, since the people don't know that the imperial court will raise taxes in the future to cover the principal and interest expenses of the national debt, or realize that they don't plan to think about future generations." Then he is pinching the Ming treasury bonds at the moment, the wealth is increasing, if you have money, you have to consume, and someone will benefit from consumption, and those who benefit will then consume, and the overall wealth of the entire Ming Dynasty will become more, and that's it. ”

Zhu Di brushed it again, and only then did he come to his senses.

And the two Shangshu also understood at this time.

The thoughts in Jian Yi's heart were a little complicated: "Jiang Xinghuo's mastery of the way of helping the country and the people is so profound."

And while they were talking, the following explanation began inside the wall.

——————

Jiang Xinghuo's eyes had a strange look in them.

He whispered in Natsuharaji's ear like a demon.

"Now that you understand that the country's current debt is also the wealth of the future, then you should understand that the country should actually create more debts within a controllable range, right?"

Xia Yuanji nodded confusedly and soberly.

Confused because he doesn't feel right.

is sober because according to Jiang Xinghuo's logic of "current debt is future wealth", what Jiang Xinghuo said is right.

"So, if more debt is created, does it require the people to consume more, otherwise it will not be possible to achieve a wealth cycle and cause an increase in wealth?"

Xia Yuanji nodded, and subconsciously shook his head again.

Jiang Xinghuo's demonic whispers continued.

"So, the meaning of the life of the people of the Ming Dynasty is not for consumption?"

"Oh, no, if we are [absolutely rational], we can also see that the people of the Ming Dynasty, who seem to be numbers, have other values."

"Well, they can have babies, and if conditions allow, the more they have, the better!"

"In this way, it can not only create the population of Daming engaged in labor, but also create more population of Daming for consumption."

Xia Yuanji's thoughts entered the economic world that Jiang Xinghuo had built for him.

In this world, ordinary people are just numbers.

Their role is an insignificant point in the huge system of the Ming economy.

"Yes."

Xia Yuanji subconsciously blurted out.

"Right? And there's a little bit of a bonus. Jiang Xinghuo's eyes became more and more gloomy, almost dripping water.

"What's the benefit?"

"The more babies the people of Daming have, the more taxes they can create, and with taxes, Daming is richer and can issue more national bonds."

"Taxes. National debt. Taxation"

"Giving birth to a baby. Labor pays taxes and consumes to give birth to a baby"

"Yes, that's right!"

Jiang Xinghuo suddenly got up and roared.

"Right for what?"

Xia Yuanji came back to his senses from the economic world that Jiang Xinghuo had built for him.

Natsuhara looked at each other blankly.

Isn't that right?

In theory, it's all right.

Jiang Xinghuo shook his head in disappointment and said.

"People are not numbers, people are not animals, and people have never been a tool for paying taxes and giving birth to babies!"

"Man is the people of the country!"

"For the state, the real meaning of taxation I told you a long time ago is only eight words."

"Take it from the people, use it for the people."

If you think it's well written, you'll enjoy a monthly pass~~

(End of chapter)