Because of the recent CPI and PPI data, coupons have been mentioned again! Theoretically, coupons have multiplier effect, and the smaller the discount, the greater the multiplier. For example, a coupon of 100 yuan 10 yuan can boost consumption in 90 yuan. Of course, this is a theory. So how useful are coupons?
√ Is it better to issue coupons or find gold?
From the point of view of maximizing consumer utility, cash is superior to coupons. If it is cash, consumers can always make the most favorable choice through their own preferences. However, from the perspective of promoting consumption, coupons are superior to cash, which may be deposited in the banking system due to the influence of consumption expectations. So whether to look for gold or coupons depends on our purpose, whether it is to maximize the utility of consumers or the consumption of the whole society.
√ How should we distribute coupons?
From the fairest point of view, of course, it is indiscriminate distribution, but it is often impossible. Shanghai initially implemented the lottery system. This is actually a more appropriate method, and of course it may not be absolutely fair, because it is not very convenient for the elderly. Another advantage of drawing lots is that people who draw lots often spend money, so it can make the best use of coupons. ?
√ Are coupons really that useful?
Many people say that coupons have multiplier effect, but there is a difference between reality and theory. For example, if you get a car coupon of 10,000 yuan, a person who wants to buy a car may buy it immediately, but he is unlikely to buy it for a person who doesn't want to buy it, so the coupon is only spent in advance. This 10,000 yuan is more like a transfer payment, because consumers will not spend this 10,000 yuan elsewhere just because they have saved it. So the best coupons are daily consumption, such as food and beverage coupons. I got the coupon today, but going to eat today is actually an extra expense, because I still have to eat tomorrow! Unlike cars, if you buy them today, you won't buy them tomorrow.
However, even if large coupons like cars seem to be only government transfer payments, they are still beneficial, because if the government buys directly, it is inefficient for what to buy and how much to buy. Let consumers do it, which will make transfer payments play a greater role. ?
But I don't approve of issuing coupons for bulk commodities such as cars, because it is unfair to others. The cost of coupons comes from financial subsidies, which is equivalent to subsidizing some people to buy cars with other people's taxes. It may be nominally better to reduce the automobile purchase tax, because it is not the same nature for me to charge you less and subsidize you with other people's money. Some people may say, what if the coupon is a national debt? Even if it is a national debt, the final debt service is actually shared by all of us. ?
Generally speaking, coupons are useful, but due to the influence of reality, they may not be as important as we thought, but even if they are only transfer payments, they are efficient.