关键词: 经济增长 , 通货膨胀 , 福利成本 , 宏观调控

Abstract: According to practical experience and academic research, it was generally believed that the most important objective of macrocontrol was not antiinflation but to maintain growth This paper concluded that this viewpoint was no longer applicable to the current situation of China The familys property had greatly increased, and inflation would cause serious welfare loss by the effect of property redistribution According to calculation, the average welfare cost of inflation rate of 5% and the slowdown in economic growth by 1% were 175% and 586% The average ratio between the two was 3294%, while the ratio excluded property redistribution effect was only around 16% These results indicated that both maintaining economic growth and antiinflation played important roles in improving social welfare, which should be the important objectives of macro-control.

Key words: economic growth , inflation , welfare cost , macro-control