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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.

参考译文：

政府支出对于整个经济的影响作用，受到以下两个因素的制约。第一，政府支出之时劳动力和资本的利用情况;第二，接受(政府)支出的经济部分。如果整个经济或接受(政府)支出的经济领域充分地或接近充分地发挥效能，那么政府支出的效果不会很大，所以资本和劳动力也不会得到充分利用。而如果经济潜能并未充分发挥，政府支出则会真正促进GNP的增长。

对于政府增加支出而产生的效果，真实的衡量标准并非在于最初的支出数额，而在于这一笔开支经过多次投入而产生的长期效果。 在理想的情况下，最初的收入增长产生的税收会超过最初的“负债投入”或“减免的税收”。这样，赤字不仅小于GNP的增长，而且得到了补偿。凯恩斯的经济学理论认为，政府决策的重点并非在于平衡预算，而在于生产能力没有得到充分发挥，失业率居高不下之时增加支出。 联邦支出可以促进生产能力这一理论使得传统的经济理论受到挑战。这是因为后者认为政府应发挥类似公司的职能，尽力平衡预算。

翻译点评：

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.

关于本句断句:

对于英语长句，原则上应该进行断句处理。断句时，应注意英语动作名词以及动词的标记作用。本句一般情况下可以分成三句处理。The effect of governmental expenditures on the total economy：政府支出对整个经济产生影响。varies with both：这种影响受制于以下两大因素。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，政府开支之时劳动力和资本的利用情况;第二，接受开支的经济部分。加上“第一”、“第二”使中文译文更加具有条理性。翻译具有某种体裁特征的文章，也就是genre，译者有必要对译文用词构句作适当的调整，以符合中文此类文章的口吻。在参考答案中，本句，乃至全文的翻译都经过了一定程度的细微调整或者说“改写”。

关于定语从句的翻译:

定语从句分为限制性定语从句和非限制性定语从句两种。非限制性定语从句一般可单独译成独立的中文句子;限制性定语从句则需根据具体情况加以处理。which receives the expenditure作为限制性定语从句修饰the segment of the economy，与先行词关系密切，不宜译成独立的中文句子。

2. 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.

关于employment:

词的准确意思存在于上下文之中。这个断言在这里得到了充分的证实。许多考生误以为这里的employment与上句中的employment同义。实际上，上句中的employment是“利用”的意思，而本句中的employment则与is operating at capacity or close to capacity中的capacity相当，可译为“发挥(效能)”。这种利用上下文“引申”、“猜测”词义的能力在阅读翻译英美原版文章时尤为重要。

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