Balance sheet recession/资产负债表衰退

This book first proposes that when an enterprise faces a balance sheet crisis, its business objectives will shift from maximizing profits to minimizing liabilities. Then follow this line of thinking to explain what policies are effective and what policies are ineffective in the case of balance sheet recession. In addition, this book attempts to demonstrate that when an enterprise aims to maximize profits, the less government intervention, the more beneficial it is to the economy. In a normal economic world, monetary policy is enough to control the operation of the entire economy, but when companies operate with minimal debt, a forward-looking government is very important to the economy: not only ensuring the stable operation of the economy, but also , is also integral to the money supply and the effectiveness of monetary policy.

本书首先提出企业在面对资产负债表危机的时候，经营目标会从利润最大化转向负债最小化。然后顺着这个思路去解释，在资产负债表衰退的情况下，什么政策是有效的，以及什么政策是无效的。另外，本书试图论证：当企业是以利润最大化作为经营目标的时候，政府干预越少，对经济体就越有益。在一个正常的经济世界中，货币政策就足以驾驭整个经济的运行，但是当企业以负债最小化经营时，前瞻性的政府对经济体而言十分重要：不仅仅是保证经济的稳定运行，同时，对货币供应和货币政策的有效性而言也是不可或缺的。