{"id":4435,"date":"2023-04-27T08:54:26","date_gmt":"2023-04-27T05:54:26","guid":{"rendered":"https:\/\/datakapital.com\/blog\/?p=4435"},"modified":"2025-07-20T17:42:12","modified_gmt":"2025-07-20T14:42:12","slug":"yatirim-ve-bolusum-iliskisi","status":"publish","type":"post","link":"https:\/\/datakapital.com\/blog\/yatirim-ve-bolusum-iliskisi\/","title":{"rendered":"Yat\u0131r\u0131m ve b\u00f6l\u00fc\u015f\u00fcm \u0130li\u015fkisi"},"content":{"rendered":"

Yat\u0131r\u0131m ve b\u00f6l\u00fc\u015f\u00fcm<\/strong> nas\u0131l bir ili\u015fkiye sahip? Yat\u0131r\u0131mlar analiz edilirken, Postkeynesyen ekonomide<\/a> s\u0131kl\u0131kla dile getirilen \u00e7ok kritik bir vurgu var. Enflasyon b\u00f6l\u00fc\u015f\u00fcm\u00fc her zaman etkiler. Bunlar tek ba\u015f\u0131na iyi veya k\u00f6t\u00fc de\u011fildir. B\u00f6l\u00fc\u015f\u00fcme etkilerine bak\u0131larak iyi veya k\u00f6t\u00fc denir. Elbette bu k\u0131sa vadeli analiz. Postkeynesyenlerde<\/a> de bu alanda uzun vadeli analiz olmad\u0131\u011f\u0131 i\u00e7in \u00e7\u0131kar\u0131m burada b\u0131rak\u0131lm\u0131\u015ft\u0131r. Uzun vadede yat\u0131r\u0131m\u0131 art\u0131ran politika, b\u00f6l\u00fc\u015f\u00fcm\u00fc bozsa bile toplam refah\u0131 artt\u0131r\u0131r. Bu b\u00f6l\u00fc\u015f\u00fcm\u00fcn bozulmas\u0131n\u0131 destekleyen ve olumlu oldu\u011funu belirten bir yarg\u0131 de\u011fildir. Sadece uzun vadeli analize ili\u015fkin bir \u00e7\u0131kar\u0131md\u0131r.<\/p>\n

Yat\u0131r\u0131m i\u00e7in b\u00f6l\u00fc\u015f\u00fcm\u00fc feda etmenin bir gere\u011fi var m\u0131, tabi ki yok. Trickle down economics veya sermaye birikimcileri bunu savunuyorlar. Bu analizlerde banka, finans sistemi diye bir \u015fey yok. Zenginler kar etsinler ki daha fazla yat\u0131r\u0131m yaps\u0131nlar \u015feklinde g\u00fcn\u00fcm\u00fczden tamam\u0131yla kopuk bir d\u00fc\u015f\u00fcnce. Bug\u00fcn hi\u00e7bir \u015firket kar ediyor diye yat\u0131r\u0131m yapmaz. Cash cow diye tabir edilen sa\u011f\u0131ml\u0131k \u015firketler deli gibi nakit \u00fcretir ama b\u00fcy\u00fcyece\u011fi kadar b\u00fcy\u00fcm\u00fc\u015ft\u00fcr. Daha fazla yat\u0131r\u0131m almaz. Bunlar\u0131n kar\u0131 yat\u0131r\u0131ma de\u011fil, finansal spek\u00fclasyona gider ve b\u00fct\u00fcn bir sistemin verimlili\u011fini tehdit eder.<\/p>\n

Lobicilik ve bunlara ili\u015fkin ayak oyunlar\u0131yla rekabetten korunuarak k\u0131s\u0131tlanm\u0131\u015f sekt\u00f6rlerde sa\u011f\u0131ml\u0131k \u015firketleri (cash cow) miktarda g\u00f6rmek m\u00fcmk\u00fcnd\u00fcr.\u00a0 Bu \u015firketlerin de yat\u0131r\u0131mlar\u0131n\u0131 de\u011ferlendirebilecekleri finansal \u00fcr\u00fcnlere ihtiyac\u0131 var. Yani sadece bireyler de\u011fil \u015firketler de fonlar\u0131n\u0131 de\u011ferlendirecek ba\u015fka yat\u0131r\u0131mlara ihtiya\u00e7 duyar. Finans sistemi de bunun i\u00e7in var. Sistem yat\u0131r\u0131mlar\u0131 desteklerse kendisinden bekleneni yapm\u0131\u015f olur. Yok, reel yat\u0131r\u0131mlar yerine finansal yat\u0131r\u0131mlar\u0131 veya yat\u0131r\u0131m d\u0131\u015f\u0131 harcamalar\u0131 desteklerse sistem \u00e7\u0131kmaza girer. \u00c7\u00fcnk\u00fc yat\u0131r\u0131m d\u0131\u015f\u0131 harcamalar gelir getirmez. Nette kredi geri \u00f6demesi yapabilmek i\u00e7in bor\u00e7lunun t\u00fcketimini azaltmas\u0131 gerekir. Finansal \u015fartlar\u0131n s\u0131k\u0131la\u015ft\u0131\u011f\u0131 zamanlarda net kredi geri \u00f6demesi yapmas\u0131 gereken bor\u00e7lulardan bunu ba\u015faramayanlar temerr\u00fcte d\u00fc\u015fer. Sistem a\u011f\u0131rl\u0131kl\u0131 yat\u0131r\u0131m d\u0131\u015f\u0131 harcamalar\u0131 finanse ettiyse, ge\u00e7mi\u015f olsun. Kitlesel bat\u0131klar bankalar\u0131 bat\u0131r\u0131r.<\/p>\n

Yat\u0131r\u0131m d\u0131\u015f\u0131 harcamalar\u0131 fonlayan bor\u00e7lar \u00fczerinden finansal varl\u0131k \u00fcretimi s\u00fcrd\u00fcr\u00fclebilir de\u011fildir. S\u00fcrd\u00fcr\u00fclebilir olan finansal kaynaklar\u0131n yat\u0131r\u0131ma y\u00f6nlendirilmesi. Ne kadar yat\u0131r\u0131m olursa, varl\u0131klar o kadar sa\u011flam olur. Tabi bunun i\u00e7in de yeterli t\u00fcketime ihtiya\u00e7 var. Yat\u0131r\u0131m yapan mal\u0131n\u0131 satamazsa batar. Bor\u00e7la t\u00fcketimi desteklemeyeceksek gelirle destekleyece\u011fiz. T\u00fcketim yetersizli\u011fine izin vermeyece\u011fiz. Asgari \u00fccret, emekli maa\u015f\u0131, dul yetim maa\u015f\u0131, vatanda\u015fl\u0131k maa\u015f\u0131, ev han\u0131m\u0131 maa\u015f\u0131 emeklili\u011fi gibi uygulamalarla \u00fcretim kapasitesini de\u011ferlendirece\u011fiz. Bunlar\u0131 yaparken kapasitenin \u00fczerine \u00e7\u0131kan talebe de izin vermeyece\u011fiz. Aksi takdirde enflasyon bug\u00fcn oldu\u011fu gibi y\u00fckselir. Bir taraftan yat\u0131r\u0131mlar\u0131 desteklerken, di\u011fer taraftan o yat\u0131r\u0131mlarla artan \u00fcretim kapasitesine kar\u015f\u0131l\u0131k gelecek bir talep olu\u015fturaca\u011f\u0131z. \u00dcretim kapasitesi geni\u015flemesi ile talep art\u0131\u015f\u0131 e\u015f anl\u0131 gidecek. \u0130ktisat politikas\u0131n\u0131n ba\u015far\u0131s\u0131 bu ikisini e\u015f anl\u0131 b\u00fcy\u00fctebilme performans\u0131 ile \u00f6l\u00e7\u00fcl\u00fcr. O noktaya gelebilmek i\u00e7in \u00f6nce yat\u0131r\u0131mlar\u0131 destekleyen bir finans sistemi kurgusuna ihtiya\u00e7 var. Salt do\u011fal b\u00fcy\u00fcme mant\u0131\u011f\u0131 ile arz k\u0131s\u0131tlar\u0131<\/a> T\u00fcrkiye’de hi\u00e7bir zaman son bulmaz.<\/p>\n","protected":false},"excerpt":{"rendered":"

Yat\u0131r\u0131m ve b\u00f6l\u00fc\u015f\u00fcm nas\u0131l bir ili\u015fkiye sahip? Yat\u0131r\u0131mlar analiz edilirken, Postkeynesyen ekonomide s\u0131kl\u0131kla dile getirilen \u00e7ok kritik bir vurgu var. Enflasyon b\u00f6l\u00fc\u015f\u00fcm\u00fc her zaman etkiler. Bunlar tek ba\u015f\u0131na iyi veya k\u00f6t\u00fc de\u011fildir. B\u00f6l\u00fc\u015f\u00fcme etkilerine bak\u0131larak iyi veya k\u00f6t\u00fc denir. Elbette bu k\u0131sa vadeli analiz. Postkeynesyenlerde de bu alanda uzun vadeli analiz olmad\u0131\u011f\u0131 i\u00e7in \u00e7\u0131kar\u0131m burada<\/p>\n","protected":false},"author":8,"featured_media":4436,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,47],"tags":[313,314,312,315],"class_list":{"0":"post-4435","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-jeoekonomik-makro-veriler","8":"category-makro-ekonomik-analizler","9":"tag-bolusum","10":"tag-emek","11":"tag-post-keynesyen","12":"tag-yatirim"},"better_featured_image":{"id":4436,"alt_text":"Post Keynesyen Ekonomide B\u00f6l\u00fc\u015f\u00fcm","caption":"","description":"","media_type":"image","media_details":{"width":1142,"height":963,"file":"2023\/04\/Post-Keynesyen-Ekonomi.png","filesize":58638,"sizes":{"medium":{"file":"Post-Keynesyen-Ekonomi-300x253.png","width":300,"height":253,"mime-type":"image\/png","filesize":49383,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/04\/Post-Keynesyen-Ekonomi-300x253.png"},"large":{"file":"Post-Keynesyen-Ekonomi-1024x863.png","width":1024,"height":863,"mime-type":"image\/png","filesize":304020,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/04\/Post-Keynesyen-Ekonomi-1024x863.png"},"thumbnail":{"file":"Post-Keynesyen-Ekonomi-150x150.png","width":150,"height":150,"mime-type":"image\/png","filesize":20166,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/04\/Post-Keynesyen-Ekonomi-150x150.png"},"medium_large":{"file":"Post-Keynesyen-Ekonomi-768x648.png","width":768,"height":648,"mime-type":"image\/png","filesize":210602,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/04\/Post-Keynesyen-Ekonomi-768x648.png"},"bunyad-small":{"file":"Post-Keynesyen-Ekonomi-150x126.png","width":150,"height":126,"mime-type":"image\/png","filesize":15998,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/04\/Post-Keynesyen-Ekonomi-150x126.png"},"bunyad-medium":{"file":"Post-Keynesyen-Ekonomi-450x379.png","width":450,"height":379,"mime-type":"image\/png","filesize":93352,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/04\/Post-Keynesyen-Ekonomi-450x379.png"},"bunyad-768":{"file":"Post-Keynesyen-Ekonomi-768x648.png","width":768,"height":648,"mime-type":"image\/png","filesize":210602,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/04\/Post-Keynesyen-Ekonomi-768x648.png"}},"image_meta":{"aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0","keywords":[]}},"post":4435,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/04\/Post-Keynesyen-Ekonomi.png"},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/posts\/4435","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/comments?post=4435"}],"version-history":[{"count":6,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/posts\/4435\/revisions"}],"predecessor-version":[{"id":5396,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/posts\/4435\/revisions\/5396"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/media\/4436"}],"wp:attachment":[{"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/media?parent=4435"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/categories?post=4435"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/tags?post=4435"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}