翻譯段落：
　　The effect of governmental expenditures on the total economy varies with both the level of utilization of labor and capital in theeconomy at the time of the expenditure, and the segment of the economy which receives the expenditure. If the economy as a whole or these gment 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：
　　政府支出對于整個經濟的影響作用，受到以下兩個因素的制約。第一，政府支出之時勞動力和資本的利用情況；第二，接受（政府）支出的經濟部分。如果整個經濟或接受（政府）支出的經濟領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很大，所以資本和勞動力也不會得到充分利用。而如果經濟潛能并未充分發(fā)揮，政府支出則會真正促進GNP的增長。
　　對于政府增加支出而產生的效果，真實的衡量標準并非在于最初的支出數(shù)額，而在于這一筆開支經過多次投入而產生的長期效果。 在理想的情況下，最初的收入增長產生的稅收會超過最初的“負債投入”或“減免的稅收”。這樣，赤字不僅小于GNP的增長，而且得到了補償。凱恩斯的經濟學理論認為，政府決策的重點并非在于平衡預算，而在于生產能力沒有得到充分發(fā)揮，失業(yè)率居高不下之時增加支出。 聯(lián)邦支出可以促進生產能力這一理論使得傳統(tǒng)的經濟理論受到挑戰(zhàn)。這是因為后者認為政府應發(fā)揮類似公司的職能，盡力平衡預算。
翻譯點評：
　　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.
　　關于本句斷句:
　　對于英語長句，原則上應該進行斷句處理。斷句時，應注意英語動作名詞以及動詞的標記作用。本句一般情況下可以分成三句處理。The effect of governmental expenditures on the total economy：政府支出對整個經濟產生影響。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，政府開支之時勞動力和資本的利用情況；第二，接受開支的經濟部分。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，譯者有必要對譯文用詞構句作適當?shù)恼{整，以符合中文此類文章的口吻。在參考答案中，本句，乃至全文的翻譯都經過了一定程度的細微調整或者說“改寫”。
　　關于定語從句的翻譯:
　　定語從句分為限制性定語從句和非限制性定語從句兩種。非限制性定語從句一般可單獨譯成獨立的中文句子；限制性定語從句則需根據(jù)具體情況加以處理。

which receives the expenditure作為限制性定語從句修飾the segment of the economy，與先行詞關系密切，不宜譯成獨立的中文句子。
　　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.
　　關于employment:
　　詞的準確意思存在于上下文之中。這個斷言在這里得到了充分的證實。許多考生誤以為這里的employment與上句中的employment同義。實際上，上句中的employment是“利用”的意思，而本句中的employment則與is operating at capacity or close to capacity中的capacity相當，可譯為“發(fā)揮（效能）”。這種利用上下文“引申”、“猜測”詞義的能力在閱讀翻譯英美原版文章時尤為重要。
　　3. 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.
　　關于詞類轉換:
　　本句measure一詞可以不轉換詞類譯成中文名詞，也可以轉換詞類譯成中文動詞。前者譯文為：對于政府增加支出而產生的效果，真實的衡量標準并非在于最初的支出數(shù)額，而在于這一筆開支經過多次投入而產生的長期效果。后者譯文為：要想真實地衡量政府增加支出而產生的效果，不能只看最初的支出數(shù)額，我們必須審視這一筆開支經過多次投入而產生的長期效果。實際上，詞類轉換是英漢翻譯的重要技巧，是否轉換要看譯入語的接受度。有時候非轉換不可。請看下例：He is a good runner.他善于跑步。本句不能譯成：他是一個好的跑者。這里runner必須轉換成動詞，才符合中文表達習慣。