The effect of governmental expenditures on the total economy varies with both the level of utilization of labor and capital in the economy at the time of the expenditure, and the segment of the economy which receives the expenditure. If the economy as a whole or the segment of the economy which is the focus of the expenditure is operating at capacity or close to capacity, then the expenditure’s major effects will tend to be inflationary, and will not generate much employment of capital and labor. If the economy or sector is operating at much less than full employment, the expenditure will produce a genuine (non-inflationary) rise in the GNP.

　　A true measure of the effect of governmental increase in the amount of money made available, then, is not the simple dollar value of the initial injection but the cumulative effect of this injection through spending and re-spending. In the optimum case the initial expansion of income flow could be great enough to produce tax revenues in excess of the original "deficit spending" or the "tax cut", so that deficits are not only smaller than the increased GNP but are recouped. In Keynesian economics the fundamental point of government policy clearly is not budget-balancing but spending in the event of unused productive capacity and unemployment. Spending increases productivity. This productivity resulting from federal spending has overwhelmed the older economic myths of the balanced budget where government is conceived of as just another business firm.

　　參考譯文：

　　政府支出對(duì)于整個(gè)經(jīng)濟(jì)的影響作用，受到以下兩個(gè)因素的制約。第一，政府支出之時(shí)勞動(dòng)力和資本的利用情況;第二，接受(政府)支出的經(jīng)濟(jì)部分。如果整個(gè)經(jīng)濟(jì)或接受(政府)支出的經(jīng)濟(jì)領(lǐng)域充分地或接近充分地發(fā)揮效能，那么政府支出的效果不會(huì)很大，所以資本和勞動(dòng)力也不會(huì)得到充分利用。而如果經(jīng)濟(jì)潛能并未充分發(fā)揮，政府支出則會(huì)真正促進(jìn)GNP的增長(zhǎng)。

　　對(duì)于政府增加支出而產(chǎn)生的效果，真實(shí)的衡量標(biāo)準(zhǔn)并非在于最初的支出數(shù)額，而在于這一筆開(kāi)支經(jīng)過(guò)多次投入而產(chǎn)生的長(zhǎng)期效果。在理想的情況下，最初的收入增長(zhǎng)產(chǎn)生的稅收會(huì)超過(guò)最初的“負(fù)債投入”或“減免的稅收”。這樣，赤字不僅小于GNP的增長(zhǎng)，而且得到了補(bǔ)償。凱恩斯的經(jīng)濟(jì)學(xué)理論認(rèn)為，政府決策的重點(diǎn)并非在于平衡預(yù)算，而在于生產(chǎn)能力沒(méi)有得到充分發(fā)揮，失業(yè)率居高不下之時(shí)增加支出。聯(lián)邦支出可以促進(jìn)生產(chǎn)能力這一理論使得傳統(tǒng)的經(jīng)濟(jì)理論受到挑戰(zhàn)。這是因?yàn)楹笳哒J(rèn)為政府應(yīng)發(fā)揮類(lèi)似公司的職能，盡力平衡預(yù)算。

　　翻譯點(diǎn)評(píng)：

　　1. The effect of governmental expenditures on the total economy varies with both the level of utilization of labor and capital in the economy at the time of the expenditure, and the segment of the economy which receives the expenditure.

　　關(guān)于本句斷句:

　　對(duì)于英語(yǔ)長(zhǎng)句，原則上應(yīng)該進(jìn)行斷句處理。斷句時(shí)，應(yīng)注意英語(yǔ)動(dòng)作名詞以及動(dòng)詞的標(biāo)記作用。本句一般情況下可以分成三句處理。The effect of governmental expenditures on the total economy：政府支出對(duì)整個(gè)經(jīng)濟(jì)產(chǎn)生影響。varies with both：這種影響受制于以下兩大因素。the level of utilization of labor and capital in the economy at the time of the expenditure, and the segment of the economy which receives the expenditure：第一，政府開(kāi)支之時(shí)勞動(dòng)力和資本的利用情況;第二，接受開(kāi)支的經(jīng)濟(jì)部分。加上“第一”、“第二”使中文譯文更加具有條理性。翻譯具有某種體裁特征的文章，也就是genre，譯者有必要對(duì)譯文用詞構(gòu)句作適當(dāng)?shù)恼{(diào)整，以符合中文此類(lèi)文章的口吻。在參考答案中，本句，乃至全文的翻譯都經(jīng)過(guò)了一定程度的細(xì)微調(diào)整或者說(shuō)“改寫(xiě)”。