The Logic of Resource Transfer Under the Long-term Application of Keynesianism from the Perspective of Game Chip Ownership — A Refutation of the Proposition of "Beyond Keynesianism"

Abstract

Existing macroeconomic literature has fully demonstrated that Keynesianism serves only as a short-term countercyclical policy tool. Its long-term regular implementation will trigger multiple constraints including debt accumulation, crowding-out of private investment, and declining growth efficiency, which have become a consensus in academic circles and will not be elaborated repeatedly in this paper. Current research is limited to measuring the efficiency of capital and current investment flows, lacking a neutral qualitative analytical framework that originates from the ownership of social resources, spans historical dimensions and incorporates long-term options. This paper originally constructs the Theory of Social Game Chip Ownership and establishes its core axiom: in the pre-state primitive human society, all economic chips inherently belong to the general public. The emergence of the state essentially constitutes the division and transfer of partial chips from the private pool to the public account, leading to an inverse quantitative relationship between chips held by the state and those held by the public. This paper only objectively records the transfer of ownership without making value judgments of good or evil. From a historical evolutionary perspective, the state and elite classes held an overwhelmingly large share of chips under slavery and centralized agrarian regimes, leaving the public with extremely limited disposable chips. Modern expansionary fiscal policies based on Keynesianism essentially continuously write off private dormant option chips and permanently deprive the public of long-term options for independent investment and innovation in the future. Relying on this framework, this paper systematically refutes the proposition of "Beyond Keynesianism": infrastructure investment in late-developing countries merely represents the scenario-based application of the optimal policy tools within Keynesianism, without breaking its underlying logic and long-term constraints of resource transfer. Although the so-called "activation of dormant chips" can generate incremental physical wealth in the current period, it simultaneously causes irreversible loss of private long-term option chips. The continuous consumption of high-value private option chips constitutes the fundamental reason for the diminishing marginal return on investment. The Theory of Game Chip Ownership proposed in this paper expands the analytical dimensions of state economic intervention and provides a new neutral analytical tool to distinguish short-term countercyclical regulation from long-term resource crowding-out.