关键词: 现代货币理论 , 财政赤字观 , 功能财政 , 西方主流经济学 , 宏观经济学

Abstract: With the great financial crisis breaking out, fiscal stimulus around the world have brought a huge scale of government deficit and debt, and the current wave against fiscal deficit hold by the western politic elites and mainstream macroeconomics relies on their heavily defective theory and conservative ideologyThis paper reexamined some central perspectives on government deficit of western mainstream macroeconomics by a monetary theory of public finance, and refuted some fallacies regarding GBC, crowding out effect and inflationary effect of debt monetizationAnd we hold the ideas that there is no budget constraint on central government under a state monetary systems, deficit spending crowds in private investment and is not necessarily related to inflation,and helps to promote national income and reduce the attachment to foreign economyWe conclude that China needs to simply reject neoliberalism policy prescriptions, and form the view of fiscal deficit fitting in with modern economy and our national interests under the public purpose of our government

Key words: modern money theory , view of fiscal deficit , functional finance , western mainstream economics , macroeconomics