中國人民大學(xué)漢青經(jīng)濟與金融高級研究院韓少華作了一場題為“調(diào)和哈耶克和凱恩斯的意見衰退”的講座，中國人民大學(xué)“漢青經(jīng)濟與金融高級研究院”是中國人民大學(xué)順應(yīng)國際經(jīng)濟學(xué)科改革趨勢，建立的新型研究與教育基地。它將在新體制下融會國際師資、借鑒國外研究與教學(xué)模式，實現(xiàn)“放眼國際、立足本土”的辦學(xué)特色。講座的主要內(nèi)容是：

　　經(jīng)濟衰退的房子，耐用消費品和商業(yè)資本的快速積累時期后經(jīng)常發(fā)生。這一觀察結(jié)果導(dǎo)致了一些經(jīng)濟學(xué)家，最值得注意的是哈耶克得出結(jié)論，認為經(jīng)濟衰退主要是反映清算需要從過去的過度投資導(dǎo)致周期。相比之下，自從凱恩斯的工作，許多經(jīng)濟學(xué)家都認為經(jīng)濟衰退是缺乏需求期間，應(yīng)該由激進的財政政策來抵消。在本文中，我們重新審視經(jīng)濟衰退的設(shè)置，其中的價格是靈活的，但因為不是所有的交易都通過集中市場協(xié)調(diào)清算觀點。我們說明為什么清算會產(chǎn)生期間之內(nèi)，經(jīng)濟運行尤其是低效，剩余未開發(fā)的，當(dāng)經(jīng)濟繼承了太多的資本貨物的個體之間有很多社會所期望的交易。

　　原文：Recessions often happen after periods of rapid accumulation of houses, consumer durables and business capital. This observation has led some economists, most notably Friedrich Hayek, to conclude that recessions mainly reflect periods of needed liquidation resulting from past over-investment. In contrast, ever since the work of Keynes, many economists have viewed recessions as periods of deficient demand that should be countered by activist fiscal policy. In this paper we reexamine the liquidation perspective of recessions in a setup where prices are flexible but where not all trades are coordinated by centralized markets. We show why liquidations can produce periods where the economy functions particularly inefficiently, with many socially desirable trades between individuals remaining unexploited when the economy inherits too many capital goods.