摘要
“lfgrowth inhousehold consumption cannot be based on sustained income growth and stable expectations forsuch growth,householdswill save anysubsidies the govemment provides,ifany,forrainydays.In short,unless thereisan unexpectedpositive extemal shodk(such as a tedhnologicalbreakthrough),a virtuous cyde of economicgrowthneeds to be initiatedbythe growth ofinfrastructure investment.”
