Mrs. KC - S GPP

CHAPTER 1
INTRODUCTION
Without translation there is no history of world.
-
Kelly -
The introductory chapter presents the rationale, objectives, scope, and

methodology conducted for the graduation project paper. The structure of the project is
briefly introduced in the last part of the section.
1. RATIONALE OF THE PROJECT

Nowadays, the fast-paced development of science and technology as well as the
continuous growth of cultural, economic, and political relations among nations have
confronted humanity with an exceptional difficulty, namely the language barrier.
In Vietnam, the process of integration into the worlds economy has resulted in the
urgent needs of translation in general and economic translation in particular. As a
beneficial tool to render messages, information and also knowledge from one language
to another, translation has helped to remove the barrier. However, translation, especially
from English to Vietnamese poses a challenge because of the differences between the
two language systems.
For the economic documents, terms and structures are the crucial elements in deciding
the content of the whole document. Therefore, it is necessary for translators to be able to
analyze and employ appropriate strategies and procedures in order to successfully
translate economic terms and structures.
In addition, at School of Foreign Languages, HUST, as the undergraduates with a hope
of becoming professional translators and interpreters sharing common interests in
economics, we would like to have more opportunities to get more practice, improve our
skills to analyze, and employ appropriate strategies to translate economic terms.
Motivated by these factors, we decided to choose the Economics & Business translation
for our project, in which we analyse the strategies for rendering the English noun
phrases and passive structures into Vietnamese in the economic document Some
alternatives explanations of depression A critique.
2. OBJECTIVES OF THE PROJECT
Within the framework of the project and the mentioned above explicit reasons, this
project is undertaken with some major purposes:
To review theoretical background of translation, the basic features of noun
phrases and passives as well as some typical strategies in dealing with these
phenomenon;
To analyze and suggest suitable strategies for dealing with noun phrase and
passive voice translation in the source document;
To produce an effective translation of the document in Vietnamese.
3. SCOPE OF THE PROJECT
The project is dedicated to emphasize on the analysis of strategies in translating the
high-frequency grammatical phenomena from English into Vietnamese, namely the
noun phrases and passive structures found in the chapter Some alternative
explanations of depression A critique taken from the book Americas Great
Depression (Rothbard, 2000).
4. METHODOLOGY OF THE PROJECT
Aiming at finding the suitable strategies to translate economic terms and passive
structures, both quantitative and qualitative methods are applied. With the quantitative
method, data including economics terms and passive structures are collected. The
qualitative method, especially content analysis is also employed to investigate and
analyze the source document, and identify proper strategies for noun phrases and
passives translation.
5. STRUCTURE OF THE PROJECT
The paper is categorized into four centered chapters:
Chapter 1: Introduction presents an overview of the graduation project paper and

the researchers motivation behind the topic of the project.
Chapter 2: Literature Review provides theoretical background of the translation,
a review of noun phrases and passives and their translation strategies.
Chapter 3: The Study concentrates on the detailed analysis and application of
strategies to deal with noun phrases and passives by data collection and
illustration examples for the sake of projects salient results.
Chapter 4: Conclusion summarizes the addressed issues in the paper, and draws
out some findings, limitations, as well as recommendations for further research
on the topic.
CHAPTER 2
LITERATURE REVIEW
Every language is a world.
Without translation, we would inhabit parishes bordering on silence.
-George Steiner-
The chapter provides theoretical concepts in noun phrases and passive

structures translation from English to Vietnamese in academic circumstances.
The premise of this chapter is accordingly organized in four main sections; the first
three parts cover the conceptual background of translation theory, a fundamental
understanding of technical translation, as well as basic characteristics of noun phrases
and passives. Strategies for dealing with these grammatical structures are reviewed.
1.
THE THEORY OF TRANSLATION

1.1. Definition of translation
Kelly (1979, p.51) claimed that Without translation there is no history of world.
Thus, it is necessary to comprehensively understand the concept of translation
mentioned by various best-known theories to obtain an overall picture of the translation.
One of the most prominent definitions of translation is stated by Newmark (1995, p.5)
that translation is rendering the meaning of a text into another language in the way that
the author intended the text. Furthermore, regarding the definition of translation,
Larson (1998, p.3) affirmed translation consists of transferring the meaning of the
source language into the receptor language.
In other words, translation typically has been used as the replacement of a
representation of written or spoken source language texts in one language by a
representation of an equivalent written or spoken target language in a second language
(Theory of Translation an Interpretation, 2005, p.9).
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1.2. Technical translation

Technical translation was viewed based on Newmark (1986, p.151) as one part of
specialized translation, institutional translation, the area of politics, commerce, finance,
government etc., is the other. As he suggested, technical translation is taken as
potentially non-cultural, therefore universal. Additionally, Kingscott (2002, p.247)
estimated that technical translation accounts for some 90% of the worlds total
translation output each year with its characteristic format includes technical reports,
instructions, manuals, notices, publicity and so on.
According to Newmark (1982, p.151), technical translation is primarily distinguished
from other forms of translation by terminology, characteristics, grammatical features
(passives, noun phrases, etc.) merge with other varieties of language. Therefore, Byrne
(2006) considered technical translators must have a good knowledge of linguistics and
technical training as well as the provision of comprehensive, accurate and effective
technical documentation in a variety of languages.
In addition, the terminologies, grammatical structures and concepts in economics and
business characterize the main features of any business documents, which show the
connections among economic elements in a neutral and impersonal tone. These types of
documents present academic and formal style in the forms of economic reports,
business correspondences and promotion materials, etc
In short, dealing with the structures of most economics and business documents is not a
big challenge; however, the terminology and complex noun phrases in this kinds of
texts are really a hard nut to crack for many translators.
2.
THE DEFINITION AND STRUCTURES OF NOUN PHRASES
Greenbaum and Nelson (2002, p.53) defined a noun phrase as a word or a combination
of words whose center (the head) is a noun or a pronoun. The noun phrase may consist
of only one word girl or it may be longer The blonde girl and even more complex
The blonde girl wearing blue jeans, with different functions in a sentence, the typical
being the subject and object (Quirk 1985, p.59).
Regarding the structure of noun phrases, as Douglas (1999, p.47) stated, they are
generally either headed by nouns alone or accompanied by determiners and modifiers or
complements.
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The head may be modified in two ways it can be pre-modified and/or post-modified.
Determiner + Pre-modifier(s) + (Head) noun + Post modifier(s)
For example: The
3.
blonde
girl
in blue jeans
THE DEFINITION AND FUNCTIONS OF PASSIVES
As Radford (1981, p.56) defined, the term passive voice is a grammatical voice in
which the subject receives the action of a transitive verb which refers to the placement
of the object at the subjects position, together with the emergence of the passive
morphemes. Keenan (1985, p.243) also viewed the passive as a common structure in the
world languages: be + past participle.
In terms of the functions, Celce & Larsen (1983, p.288) substantiated that the high
frequency in the use of passives in scientific and technical writings is to help writers
avoid the constant repetition of the subjects, and put more emphasis on the main point
of the sentence.
However, the passive voice is employed in some particular cases as follows:
The role of the receiver is more important than that of the doer.
People do not want to talk about who does the action.
The performer is not important, not known or known by many people because it
is too popular.
4.
STRATEGIES FOR DEALING WITH GRAMMATICAL STRUCTURES
In translation studies, Owji (2013) stated that many theorists have used the
term translation strategies widely when they encounter problems while translating a
text literally. Krings (1986, p.18) defined translation strategy as translators potentially
conscious plans for solving concrete translation problems in the framework of a
concrete translation task. Moreover, Venuti (1998, p.240) also indicated that translation
strategies involve the basic tasks of choosing the foreign text to be translated and
developing a method to translate it.
In short, different researchers have investigated and described various translation
strategies from their own perspectives. This paper concentrates merely on the most
commonly used strategies for translating noun phrases and passive structures.
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4.1. Strategies in noun phrases translation

4.1.1. Literal
Theoretically, Newmark (1986, p.69) claimed that literal/direct translation ranges from
one word to one word through group to group, collocation to collocation, clause to
clause, sentence to sentence. He mentioned that the SL grammatical constructions are
converted to their nearest TL equivalents but the lexical words are again translated
singly, out of context. As a pre-translation process, this indicates the problems to be
solved.
4.1.2. Omission
Though Newmark (1986, p.47) rejected omission as a drastic kind of strategy, in fact it
may be even appropriate to omit words or phrases in some contexts. He argued that if
the meaning conveyed by a particular item or expression is not essential to mention in
the understanding or impact of the translation, this strategy may be used to avoid
lengthy explanations, awkward paraphrases, or literal and unnatural translations which
would interrupt the flow of the text and distract the reader from the overall meaning.
4.1.3. Paraphrase
Newmark (1986, p.90) described paraphrase as an amplification or explanation of the
meaning of a segment of the text. He claimed that when Vietnamese equivalents for
translating English words or concepts that have poorly anonymous, complex technical
terms, special connotations or important implications, cannot be found or conveyed the
overall meanings of the source text, paraphrasing or explanation may be the best way to
create a liberal approximate translation.
4.1.4. Shift
As Newmark (1986, p.86) stated, shift or transposition refers to any grammatical
changes in word class without semantic changes that occur in translation from the origin
language to the TL. Specially, it is the replacement of one word-class by another
without changing the meaning of the message, for instance:
(i) Change from singular to plural.
(ii) Change required when a specific SL structure does not exist in TL.
(iii)
Change of a SL noun/verb to a TL noun/word and so forth.

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(iv)Literal translation is conceivable in grammar, but it makes no sense in meaning

of the TL.
4.1.5. Couplets
According to Newmark (1986, p.91), couplets occur when the translator combines two
different strategies. In some specific situations, this strategy is useful to handle certain
complex noun phrases, and even kept intact its whole original meaning.
4.2. Strategies in passives translation
The passive voice is used very frequently in English and poses special problems for
translation into Vietnamese. Passive voice can be translated from English into
Vietnamese in the following ways.
4.2.1. Passive voice Active voice
English: A to be done by B Vietnamese: B + ng t + A
(Theory of translation and interpretation, 2005, p.50)
Luu Trong Tuan (2010, p.98) stated that when the passive structure is parallel to the
active structure in the sentence, it tends to be translated as the active one in the TL.
Unless it is clearly a positive or negative event, every passive voice that occurs in the
English text into Vietnamese can be solved by re-working the text and changing the
passive voice into the active voice when possible.
For example: An experiment was conducted by a research group.
This sentence should be read: Mt nhm nghin cu tin hnh mt th nghim.
4.2.2. Passive voice Passive voice of difference connotations
The passive voice in Vietnamese usually has a positive or negative connotation,
depending on which of the two passive verbs is used. In particular,
English:
A to be done by B
Vietnamese: (i) A c + ng t (bi B) (positive meaning)

(ii) A b + ng t + (bi B) (negative meaning)
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As Nguyen Long Quoc (2014, p.97) claimed, these two verb c and b are both
used with the main verb to denote the passive voice, but they convey very different
senses. c is used when someone experiences something positive or something is
done to his/her advantage, whereas b is used to express adversity or a disadvantage.
For instance, the sentence: Half of their crops were lost due to infestation and disease
may be translated as: Na v ma thit hi do nhim c v dch bnh.
On the other hand, when the positive or negative connotation of the sentence is clear, it
is more appropriate to retain the passive voice with expressed agents:
English:
A to be done by B
Vietnamese:
A c / do + (B) + ng t
In Thompsons (1965, p.101) view, even though the existence of active/passive forms in
Vietnamese language, the verb b, c or do pursued by the descriptive
complement builds the logical passive and creates the naturalness in Vietnamese
translation.
For example: The graduation project paper has been completed recently. which can be
translated as: Bi lun vn c hon thnh gn y.
5.
SUMMARY
To sum up, all what has been discussed above is related to the theoretical background of
the study, which provides an overview as well as identifies certain problems in
translating the noun phrases and the passives, and thus suggesting the most appropriate
strategies for solving the identified grammatical structures which will be discussed in
The Study.
CHAPTER 3
THE STUDY
Translation is like a woman. If it is beautiful, it is not faithful.
If it is faithful, it is most certainly not beautiful.
-Yevtushenko-
This chapter is dedicated to investigate and analyze the strategies for dealing
with difficulties encountered in translating the noun phrases and passive structures in
the economic document from English into Vietnamese. It is made up of two main parts,
namely pre-analysis of the document and strategies for dealing with prominent features
in the translation process.
1. PRE-TRANSLATION ANALYSIS OF THE SOURCE DOCUMENT

Some alternative explanations of depression A critique is the 3rd chapter of Part I:
Business Cycle Theory taken from the book Americas Great Depression (Rothbard,
2000). As the continuation of previous chapters introducing the basic concepts and ideas
about business and economic issues, Rothbard goes on discussing the business cycle
theory with a more critical view of alternative theories relating to the Great Depression
business
cycle.
The
document
contains
five
following
sections:
General
Overproduction, Underconsumption, The Acceleration Principle, Dearth of Investment

Opportunities, Schumpeters Business Cycle Theory. Different cyclical events or crises
such as booms and depressions have been examined and explained by different
perspectives including the Austrian theory, the Mises theory, etc.
In addition, the document contains a number of typical features of texts in the business
and economic field: academic writing style, use of noun phrases as terminology, relative
clauses and passive structures, etc., which helps create the formality of the text. During
the pre-translation process, the noun phrases and the passive sentences are the most
10
noticeable linguistic phenomenon due to their high frequency of occurrence.

Specifically, there are approximately 178 noun phrases of different forms, in which the
noun phrases with adjective and noun as pre-modifier contain 110 noun phrases
(equivalent to 63%); the noun phrases with of-genitive as post-modifier contain 68 ones
(equivalent to 37%). Regarding passive voice, the document includes 92 passive
structures, among which 11 ones (5%) are changed into active, while 81 ones (95%) are
turned into passive structures. Therefore, this paper will focus analysis on these two
types of features namely noun phrases and passive voice.
2. ANALYSIS OF THE TRANSLATION STRATEGIES IN THE DOCUMENT
Preliminary data from the pre-translation analysis of the source document show that the
two prominent features in the text are noun phrases and passive voice; thus the
strategies employed to overcome the difficulties encountered while rendering their
meanings from English into Vietnamese will be discussed in this section.
2.1.
Strategies for dealing with noun phrases (NPs)
Due to the considerable differences in the structures of Vietnamese and English NPs,
and the scope of this paper, this section will only deal with the two NP categories that
cause most of the difficulties for translators. Within the document, there are 178 NPs,
among which those repeated are not included, classified into two categories as follows:
Types of noun phrases
NPs with adjectives and nouns
as pre-modifiers
NPs with of-genitive
as post-modifiers
Frequency of
occurrence
Percentage
110
63%
68
37%
Table 1: Distribution of noun phrases

In the document, the frequent use of the above mentioned types of NPs to introduce and
explain the economic and business terminology in English has posed certain problems
for translators. To tackle these problems, some appropriate strategies have been
suggested and listed in Appendix A, namely literal, paraphrase, shift, and couplets. This
table summarizes the frequency of use of the strategies applied to transfer the meanings
of NPs into Vietnamese.
11
Suggested strategies
Frequency of use
Literal
12
Paraphrase
Shift
116
Couplets
41
Table 2: Frequency of noun phrases translation strategies

The following chart shows the percentage in the use of the strategies employed to deal
with the two main types of NPs in the economic document.
Figure 1: Frequency of the strategies dealing with noun phrases

There are considerable differences in the use of the strategies during the translation
process. While shift or transposition accounting for a relatively high proportion of 65%
remains the most frequently used strategy, others such as literal (6%) and paraphrase
(5%) become less popular. In addition, couplet, which is combined strategies taking up
24% of the total has been an effective method in translation.
Among the different types of NPs, only such two main types as NPs with adjectives and
nouns as pre-modifiers and NPs with of-genitive as post-modifiers in the text document
are analyzed and transferred into Vietnamese using appropriate strategies.
2.1.1. Strategies dealing with noun phrases with adjectives and nouns as Pre-modifiers
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The structures of NPs in English and Vietnamese are not similar. While the main nouns
in Vietnamese are always put before adjectives or other nouns, the main nouns in
English are placed after adjectives or other nouns, i.e. there are often some changes in
the position of nouns and adjectives when translating English NPs into Vietnamese
ones. Data gathered from Appendix A - part 1 show that among the 110 NPs with
adjectives and nouns as pre-modifiers translated into Vietnamese approximately 90% of
them were translated with the shift or transposition method. Hence, the dominating
strategy applied to deal with this type of noun phrase is shift (transposition), while
paraphrase strategy is employed as a subordinate one.
Shift
Shift is the replacement of one word-class without semantic changes that occur in
translation from the SL to the TL (Newmark 1988, p.86). The application of this
strategy is changing word order or a shift of position of NP structure by starting to
translate the last element of the group, and then continue in reverse order until they get
to the first one. An example of this is
Acceleration principle (Appendix A_No.13)
In this example, the application of shift strategy is relevant as there is a shift of position
of nouns such as acceleration and principle into nguyn l tng tc. As a result,
each component of the noun phrase is put in an appropriate position depending on the
context, the kind of document and the relationship among components.
NPs may consist of two or more nouns, in which the last nouns function as a head noun,
and the first noun modifies the second or third one the head noun. To further illustrate
the shift strategy applied in this case, the NP bank credit expansion (Appendix
A_No.21) will be taken as an example. Although this English NP consists of 3 nouns,
the arrangement of noun order in the Vietnamese version is reversed to the English one.
Therefore, in this case, the shift strategy is adopted to transfer the terminology into
Vietnamese, which is m rng tn dng ngn hng.
In addition, other common way of modifying a noun is an adjective or adjectival phrase
instead of nouns, for instance, profitable investment opportunities (Appendix
A_No.93). When shift strategy is applied in translating this example, the main head
opportunities is moved after the position of the noun investment as pre-modifier,
and the adjective profitable will be put at the end of the NP. If the NP does not contain
13
post modifier, the position of adjective is commonly found at the end of the NP. The
shift strategy is used to change the word order of NPs in English when translating them
into Vietnamese. Thus, the translated NP is cc c hi u t sinh li.
Paraphrase
This strategy, which is an amplification or explanation of the segment of the text
(Newmark 1988, p.90), can be used when translating an English word or concept that
does not exist in Vietnamese, or when the Vietnamese term for a concept does not
include all the meanings conveyed by the English term for the same concept. An
illustration is
Bank runs (Appendix A_No.22)
In this case, as it is difficult to find a concise equivalent, a direct translation of this
term into Vietnamese would be nonsensical. When the Vietnamese equivalents for
this NP cannot be found, the use of paraphrase strategy in the banking context is the
best way to deal with this English terminology. Thus, this NP can be translated as hin
tng rt tin t t ngn hng.
Another NP consumer goods industries (Appendix A_No.36) also presents similar
problem in translation. When paraphrase is employed to deal with this NP, the
rendered meaning ngnh cng nghip sn xut hng tiu dng becomes
comprehensive for readers.
In short, the appropriate application of shift/transposition as the dominant strategy and
paraphrase as a subordinate strategy to deal with this type of NP ensures the naturalness
and flexible rendering of meanings for the terminology of the document. However, it
should be noted that in translating these NPs, the kind of document, the features of
contexts and the relationship among the components must be put into consideration.
2.1.2. Strategies dealing with noun phrases with of-genitive as Post-modifiers
Although Head Noun + of structure does not exist in Vietnamese, the preposition of
in prepositional phrases often occur in the English NPs as post-modifiers. The function
of preposition of is to determine parts of a NP so that the head noun and the modifier
are identified.
Therefore, the formula of NPs with of-genitive can be described as follows:
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Pre-modifier + Head Noun + Prepositional Phrase

Data collected from Appendix A- part 2 reveal that among 68 NPs with of-genitive as
post-modifiers, the strategies employed in translating this type of NPs are literal, shift,
and couplets with the frequency of use 13%, 25% and 62 % respectively.
Couplets
In English NPs with of-genitive as post-modifiers, it is impossible to get their meanings
without prepositions. In contrast, Vietnamese NPs do not have prepositions acting as
junctions between the two nouns. Hence, in many cases when translating NPs into
Vietnamese, it would be a good idea for translators to deal with this type of NPs by
omitting the prepositions and rendering the remaining components meaning to produce
an accurate and natural translation. Couplets occur when the translator combines two
different strategies (Newmark 1986, p.91). Couplets or combined translation strategies
applied in translating this type of NPs come in different forms such as Literal and
Omission, Shift and Omission.
The table below shows the frequency in use of the combined translation strategies when
translating NPs with of-genitive as post-modifiers, among which the combined strategy
of shift and omission are more commonly used.
Combined translation strategy /
Couplets
Frequency of occurrence
Percentage
Literal and Omission
13
32%
Shift and Omission
28
68%
Table 3: Frequency of the combined translation strategies
Literal and Omission
To illustrate this strategy, a NP of this type is taken as an example:

Line of investment (Appendix A_No.145)
In this case, to literally render the meaning of the NP, it could be translated as dng
ca u t; however, this sounds very awkward and unnatural to Vietnamese readers.
By omitting the preposition of, couplet strategy brings about a much better version
dng u t.
15
Similarly, in the example production of consumer goods (Appendix A_No.154), instead

of saying sn xut ca hng tiu dng, the omission of preposition ca will provide a
naturally-sounded term in Vietnamese sn xut hng tiu dng.
Shift and Omission
In addition, a combined strategy of shift and omission is often used as the main strategy
dealing with this type of NPs with the frequency of occurrence of 65%. Specifically, in
the example cluster of entrepreneurial errors (Appendix A_No.122), the omission of
preposition of and the use of shift method are effective to transfer the meaning. As the
result, the translated term will be chui sai phm kinh doanh.
A similar case can be seen in the example:
Rate of population growth (Appendix A_No.157)
Some translators might translate literally as t l ca tng trng dn s, which is
grammatical correct but sounds quite awkward and unnatural in Vietnamese. Therefore,
to make the translation comprehensive, this NP should be read without preposition of
and a shift of the word order is employed to have t l tng trng dn s.
Nevertheless, in other cases, translators should consider omitting the preposition,
because the preposition of in such cases cannot be left out to preserve the meanings of
the NPs and ensure the smoothness and naturalness of the translation. For instance, the
NP underworld of economics (Appendix A_No.115) can be translated as th gii
ngm" ca kinh t hc.
Similarity can be found in the following example Explanations of depression
(Appendix A_No.139). In the case, preposition of must be kept in the translation and
should be rendered into v in Vietnamese to denote a partitive or possessive relation
between the head nouns and the post modifiers. Hence the rendered phrase is nhng l
gii v suy thoi. Another illustration is when the NP proportion of investment and
consumption (Appendix A_156) is rendered into Vietnamese, the preposition of must
retain and transferred as gia to convey full meaning of the NP. Thus, the translated
term is T l gia u t v tiu dng.
In summary, the NPs taken from the document are categorized into two main types
including NPs with adjectives and nouns as pre-modifiers and NPs with of-genitive as
post-modifiers. Besides, examples taken from the list of NPs occurring in the English
16
economic document have been analyzed to demonstrate that not only one single
translation strategy but very often, combined strategies including shift, omission and
paraphrase could be applied to bring the naturalness, clarity and accuracy to the
Vietnamese versions. Translators, therefore, besides mastering the knowledge of the
field, should be fully aware of the flexibility in applying procedures so as to be
successful in their translation work.
2.2. Strategies for dealing with passives
During translation process of this economic document, to deal with the passive voice,
the two strategies which are passive to active and passive to passive with different
connotations are applied. Data collected from Appendix B show that among 92
occurrences of the passive voice in the text document there are only 11 passive
sentences equivalent to approximately 5% translated into Vietnamese active ones,
whereas the rest of 81 sentences accounting for approximately 95% are translated by
transferring the English passive sentences into the Vietnamese ones of different
connotations. The following chart illustrates the frequency in the use of the two
strategies to deal with passive structures.
Figure 2: Frequency of the strategies dealing with passive voice
17
2.2.1. Strategies for transferring English passive sentences into Vietnamese

active sentences.
As stated in the theoretical background, unless it is clearly a positive or negative event,
it is better to change the sentence structure from the passive to the active voice, the
formula is as follows: English passive: A + to be done + by B can be changed into
Vietnamese active: B + ng t + A
When the passive structure is parallel to the active structure in the sentence, it tends to
be translated as the active structure in the TL (Luu Trong Tuan 2010, p.98). Every
passive voice that occurs in the English text and is translated into Vietnamese can be
solved by re-working the text and changing the passive voice into the active voice when
possible. For example:
An important fallacy at the very heart of the accelerationists own example has been
uncovered by W.H. Hutt. (Appendix B_ No.27) could be re-written as,
W.H. Hutt uncovered an important fallacy at the very heart of the accelerationists
own example, which then greatly facilitates translation into Vietnamese. As the result,
the translated sentence is W.H. Hutt pht hin ra mt sai lm quan trng ngay
chnh v d ca cc nh kinh t theo trng phi tng tc. If this strategy were not
employed, a translator might translate this sentence literally as Mt sai lm quan trng
nm ngay ti v d ca cc nh kinh t theo trng phi tng tc c pht hin bi
W.H. Hutt, which is grammatically correct, but sounds quite awkward and unnatural to
Vietnamese readers.
2.2.2. Strategies for transferring English passive sentences into Vietnamese
passive sentences of different connotations.
Transferring with expressed agents
When the positive or negative connotation of the sentence is clear, it is more appropriate
to retain the passive voice with expressed agents:
English:
A to be done by B
Vietnamese:
A c / do + (B) + ng t
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An example is taken from Appendix B to illustrate this strategy:

The crisis is marked by unsold stocks of goods, excess capacity of plant, and
unemployment of labor.
(Appendix B_No.3)
The subject A (recipient) is The crisis, the main verb is marked and B (the agents)
are unsold stocks of goods, excess capacity of plant, and unemployment of labor. The
application of c is employed to render the meaning of this passive to create a
positive sense for this sentence:
Khng hong c nh du bng lng hng tn kho khng bn c, d tha cng
sut trong nh my v tnh trng lao ng tht nghip.
In addition, another case of this strategy with expressed agents is when do is
employed, for instance:
The malinvestment caused by credit expansion diverted production into lines that
turned out to be unprofitable.
(Appendix B_No.8)
The noun The malinvestment of the main clause acts not only as the recipient A of the
action done by the agent B credit expansion but also as the subject of the whole
sentence. Therefore, in this case the structure do + B + verb is used to translate this
passive in order to achieve the naturalness of the passive sentence, which is:
Vic u t chch hng do s m rng quy m tn dng gy ra a sn xut i
theo hng khng c li nhun.
Transferring without agents
In many cases, the writers/speakers do not know or want to mention who the agents are.
Therefore, the agents of the action are ignored, the sentences only focus on the events,
and the agents can be no longer mentioned. The formula of this strategy is as follows:
English:
A tobe done by B
Vietnamese: (i) A c + ng t (bi B) (positive meaning)

(ii) A b + ng t + (bi B) (negative meaning)
19
These two verbs c and b are both used with the main verb to denote the passive
voice, but they convey very different senses (Nguyen Long Quoc 2014, p.97).
Since the positive or negative connotation is not always noticeable in the SL, it is
sometimes difficult to choose c or b to use in the TL, for instance:
Every crisis is marked by malinvestment and undersaving, not underconsumption.
(Appendix B_No. 21)
The sentence could be translated as Mi cuc khng hong u c/b nh du bi
s u t chch hng v tit kim di mc, ch khng phi bng tiu th di mc.
In fact, b is the more common of the two as the passive in Vietnamese is more often
used to describe unfortunate events. An illustration of this case is
If factor prices rise faster than selling prices, production is curtailed.
(Appendix B_No.39)
In this sentence, the passive structure conveys a negative sense as the verb curtailed
denotes a negative connotation of the situation. Thus, b would be used for the
translation:
Nu yu t gi c tng nhanh hn gi bn, sn xut s b ct gim.
Another example of similar case is:
Gross durable investment is included, while gross inventory purchases are excluded.
(Appendix B_No.13)
The main verbs are included (1) and excluded (2). While verb (1) denotes a positive
connotation, verb (2) conveys a negative one. To deal with this complex sentence, the
strategy with the use of both b and c is adopted to bring the balance to the
structure of the two passive clauses as well as the connotations underlying in the
sentence. A suggested translation for this case should be:
Trong khi tng u t lu di c gp vo, tng lng mua hng tn kho b tch
ring.
In short, through the above-mentioned examples and detailed analysis for each case, the
main strategies dealing with passive sentences have been discussed and illustrated.
20
Findings show that the strategy of translating passive into passive is more commonly
applied to preserve the typical features of economic documents.
3.
SUMMARY
To summarize, in this chapter, strategies applied for translating economic terms are
mainly a combination of shift, paraphrase and omission strategies. In addition, the two
main strategies for transferring English passive sentences into Vietnamese active and
passive ones have been flexibly employed to translate the technical document although
the latter is more preferred. However, it should be noted that the translators ideas and
comments on the features of text documents obtained in the pre-translation analysis
greatly support the translation process providing translators necessary information so as
to apply suitable strategies dealing with passive voice in transferring the text document
successfully while keeping the intended style and tone of the source document.
21
CHAPTER 4
CONCLUSION
Translation is the art of failure.
-Umberto Eco-
This chapter provides the findings and limitations during the progress of the
project. Moreover, recommendations are indicated for further studies, and finally a
conclusion.
1. FINDINGS
In the light of relevant theoretical background put forward by previous scholars of
translation theory, our Graduation Project Paper has attempted to explore strategies in
rendering the noun phrases and passive structures of economic documents into
Vietnamese.
The assigned document is an extract from chapter 3 in the book Americas Great
Depression (Rothbard, 2000), which discusses the business cycle theory with a critical
view of alternative theories relating to the Great Depression business cycle. To begin
with, the most prominent linguistic phenomena in the document such as the noun
phrases and passive structures are identified after a general investigation of different
linguistic features is carried out. In addition, some pre-translation analysis about the text
helps provide a general idea about the terminology, structures, style and tone, etc.,
which is of great significance in assisting the translation process of this document. Due
to the time limit and scope of the paper, the two dominant features, namely the noun
phrases (nouns with adjectives and nouns as pre-modifiers and nouns with of-genitive
as post-modifiers) and passive voice, are analyzed.
Results reveal that as most of the NPs occurring in this economic text are basically
economic terms, appropriate strategies must be applied in the translation process.
In particular, the terminologies formed by nouns with adjectives and nouns as pre22
modifiers are mainly transferred into Vietnamese by shift methods (approximately

90%), while the group of NPs with of-genitive as post-modifiers usually requires
combined methods (couplets of 62%) including shift, paraphrases and omission so as to
supply a full explanation of business and economic concepts and notions. Moreover, the
majority of passive structures (95%) are rendered into passive voice of different
connotations so that the degree of formality and objective tone of an economic text
could be preserved.
2. LIMITATIONS
Admittedly, there are certain limitations in this paper. First and foremost, due to the
shortage of material sources, it is difficult to approach the matter with a more critical
view. Moreover, time length is a constraint for the authors of the paper to treat other
features in the economic text. Another limitation is the lack of the translators
background knowledge about business and economic field in general and the Great
Depression in particular has impeded the translators desire to produce a more effective
translation.
3. RECOMMENDATIONS
Based on our experiences, it is necessary to improve the specialized knowledge related
to business and economic field, the theoretical background of translation as well as to
carry an in-depth investigation and analysis of any technical documents before an actual
translation. This study focuses on an interesting but complicated matter. Thus, for
further improvement of the translated text, it would be useful for translators to analyze
unexplored features of the text and to further investigate other translation strategies.
4. CONCLUSION
Technical translation does not merely belong to simplicity, but also requires translators
to exert all their personal strengths in order to give a new life to translation. There is
no such thing as a perfect, ideal, or correct translation. A translator is always trying to
extend his knowledge and improve his means of expression; he is always pursuing facts
and words (Newmark 1988, p23).
We do recognize that our graduation project paper has not been a perfect one; however,
to tell the truth, we have clarified the set out objectives at first and fulfilled our own
wish to proudly accomplish this project.
23
In those last words, hopefully, this paper will be a practical experience and valuable
reference source contributing a fundamental step for technical translators, teachers and
learners in order to have a through grasp of technical translation, especially in terms of
noun phrases and passive voice in business and economic documents. Once drawbacks
and strengths are acknowledged, expectedly, this study will become a driving
momentum for other researchers of the field, paving the way for further study on other
grammatical phenomena and related translation aspects in the future.
References
24
Byrne, J. (2006). Technical Translation: Usability Strategies for Translating Technical

Documentation. Springer.
Celce, M. & Larsen, D. (1983). The Grammar Book: An ESL/EFL Teachers Course.
Rowley, Mass: Newbury House.
Douglas. B. (1999). Longman Grammar of Spoken and Written English. Longman.
Greenbaum, S. & Nelson, G. (2002). An Introduction to English Grammar. 3rd edition.
Hayllar, D. & Veal, T. (1996). Pathways to research, 1st edition, Melbourne: Heineman.
Keenan, E.L. (1985). Passive in the worlds languages. In Language Typology and
Syntactic Description (Ed.), Vol. I, Cambridge: Cambridge University Press.
Kelly, G. (1979). The True Interpreter: A History of Translation Theory and Practice in
the West. New York
Kingscott, G. (2002). Technical translation and Related Disciplines. Routledge.
Krings, H.P. (1986). Translation problems and translation strategies of advanced
German learners of French. Interlingual and intercultural communication.
In J. House, & S. Blum (Eds.), Tubingen: Gunter.
Luu, Trong Tuan (2010). Strategies for Translating the Passive Structure in Scientific
Discourse Asian Social Science. Vol. 6, No.7. Published by Academy Publisher,
Indexed in Cabell and Scirus.
Newmark, P. (1982). Approaches to Translation. Oxford: Pergamon Press.
Newmark, P. (1986). A Textbook of Translation. Herford shire: Prentice Hall
International (UK) Ltd.
Nguyen, Long Quoc (2014). Passive Voice in English and Vietnamese A Contrastive
Analysis. Hanoi: Institute of Linguistics.
Owji, Z. (2013). Translation Strategies: A Review and Comparison of Theories.
Translation Journal.
Radford, A. (1981). Transformational Syntax: A Students Guide to Chomskys Extended
Standard Theory. New York: Cambridge University Press.
Quirk, R. (1985). A Comprehensiive Grammar of the English Language. Longman.
25
Rodney, H. (2002). The Cambridge Grammar of the English Language. Cambridge

University Press.
Rothbard, M. N. (2000). Americas Great Depression. 5th ed. Alabama: The Ludwig von
Mises Institute.
Theory of Translation and Interpretation. (2005). Hanoi: School of Foreign Languages,
Hanoi University of Science and Technology.
Thompson, L. (1965). A Vietnamese Grammar. Seattle: University of WashingtonPress.
Venuti, L. (1998). Strategies of translation. Encyclopedia of translation studies.
M. Baker (Ed.). London and New York: Routledge.
APPENDICES
26
APPENDIX A
NOUN PHRASES
1. NOUN PHRASES WITH ADJECTIVES AND NOUNS AS PRE-MODIFIERS
No.
English
Vietnamese
Translation
equivalents
strategies
B quyt kinh doanh ca
Shift /
ngi M
Paraphrase
noun phrases
American know-how
Aggregate demand
Tng cu
Shift
Boom-bust cycle
Chu k Bng v
Shift
Capitalist system
H thng t bn
Shift
Economic desires
Mong mun v kinh t
Shift
Gross national product
Tng sn phm quc ni
Shift
Overproduction theory
L thuyt Sn xut d tha
Shift
Pari passus
Thanh ton bnh ng
Shift
Purchasing-power
Sc mua
Shift
10
Surplus stock
Hng tn kho d tha
Shift
11
Underconsumption theory
L thuyt Tiu th di mc
Shift
12
A fixed capital-output ratio
T l vn-u ra c nh
Shift
13
Acceleration principle
Nguyn l tng tc
Shift
Aggregate present and future
Tng tiu th hin ti v
consumption
tng lai
15
Aggregate saving and investment
Tng tit kim v u t
Shift
16
American Civil War
Ni chin Hoa K
Shift
17
Anglo-American economic theory
Hc thuyt kinh t Anh-M
Shift
18
Austrian theory
Hc thuyt kinh t o
Shift
19
Automobile Boom
Cuc bng n xe hi
Shift
20
Backward country
Quc gia lc hu
Shift
21
Bank credit expansion
M rng tn dng ngn hng
Shift
14
27
Shift
Hin tng rt tin ngn hng
22
Bank runs
23
Banking system
H thng ngn hng
Shift
24
Business inflation
Lm pht kinh doanh
Shift
25
Business activity
Hot ng kinh doanh
Shift
26
Business annals
Bin nin s kinh doanh
Shift
27
Business crisis
Khng hong kinh doanh
Shift
28
Business fluctuations
Bin ng kinh doanh
Shift
29
Business investment demand
Nhu cu u t kinh doanh
Shift
30
Capital goods industries
Ngnh cng nghip sn xut t
Shift &
liu sn xut
Paraphrase
31
Capital structure
Cu trc vn
Shift
32
Causal theory
L thuyt tc nhn
Shift
33
Civilized economies
Nn kinh t tin tin
Shift
34
Common-sense observation
S quan st thng thng
Shift
35
Consumer demand
Nhu cu tiu dng
Shift
36
Consumer goods industries
Ngnh cng nghip sn xut
Shift &
hng tiu dng
Paraphrase
37
Consumer tastes/desires
38
Consumption demand level
39
Consumptioninvestment
proportions
hng lot
Th hiu/mong mun
ca ngi tiu dng
Paraphrase
Shift
Mc cu tiu th
Shift
T trng tiu th-u t
Shift
40
Cost-price differentials
Chch lch gia gi c v chi ph
Shift
41
Cotton textile industry
Ngnh cng nghip dt vi
Shift
42
Cyclical events
Cc s kin kinh t theo chu k
Shift
43
Demand and supply conditions
iu kin cung v cu
Shift
44
Depressing secular effect
Hiu ng suy thoi mun thu
Shift
45
Economic problem
Vn kinh t
Shift
46
Empirical research
Nghin cu thc nghim
Shift
47
Entrepreneurial failure/error
Li/Sai phm kinh doanh
Shift
48
Equilibrium situation
Trng thi cn bng
Shift
28
49
Eventual consumption
Ngi tiu th cui cng
Shift
50
Zero demand
Nhu cu bng khng
Shift
51
Excess production/inventory
Sn xut/hng tn kho d tha
Shift
52
Existing technology
Cng ngh hin c
Shift
53
Expected profitability
Li nhun mong i
Shift
54
Falling prices
Rt gi
Literal
55
Final prices
Gi cui cng
Shift
56
Firms product/demand
Sn phm/nhu cu ca cng ty
Shift
57
Free market
Th trng t do
Shift
58
General business cycles
Chu k kinh doanh chung
Shift
59
General economic theory
L thuyt kinh t chung
Shift
60
General overproduction
Sn xut d tha chung
Shift
61
Government intervention
S can thip ca chnh ph
Shift
62
Gross durable investment
Tng u t lu di
Shift
63
Gross inventory purchases
Tng lng mua hng tn kho
Shift
64
Gross savings
Tng tit kim
Literal
65
Hansens stagnation theory
Hc thuyt nh tr ca Hansen
Shift
66
Holistic aggregates
Tng lng ton din
Shift
67
Hypothetical investment
u t gi nh
Shift
68
Illegitimate leap
Bc nhy bt hp php
Shift
69
Infinite increase/decline
Tng/gim v hn
Shift
70
Inflationary credit expansion
M rng tn dng lm pht
Shift
71
Innovations cluster
Chui nhng i mi
Shift
72
Lumpy investment
u t tng mng
Shift
73
Magnification effect/investment
Hiu ng/u t phng i
Shift
74
Market signals/prices
Tn hiu/gi c th trng
Shift
75
Mises theory
Hc thuyt kinh t Mises
Shift
76
Monetary and physical terms
iu khon tin t v vt cht
Shift
77
Monetary flow expansion
M rng dng tin t
Shift
78
Money wage rates
T l tin lng
Shift
79
Multi-industry country
Quc gia a ngnh cng nghip
Shift
80
Multiple leverage effect
n by a hiu ng
Shift
29
81
National income accounting
Hch ton thu nhp quc dn
Shift
82
Natural interest rates
Li sut t nhin
Shift
83
Natural resources
Ti nguyn thin nhin
Shift
84
Near-stationary state
Tnh trng chng li
Shift
85
New net investment
u t rng/thun mi
Shift
86
Non-arbitrary time-period
Khong thi gian bt bin
Shift
87
Population growth
Tng trng dn s
Shift
88
Positive value / profits
Gi tr / li nhun dng
Shift
89
Price relations/differentials
Tng quan/chnh lch gi c
Shift
90
Producers goods industries
Ngnh cng nghip sn xut
Shift &
hng ha
Paraphrase
91
Product price system/level
H thng/mc gi sn phm
Shift
92
Production structure/possibility
Cu trc/kh nng sn xut
Shift
C hi u t sinh li
Shift
93
Profitable
investment opportunity
Shift &
94
Railroad Boom
Cuc bng n ngnh ng st
95
Ramification effect
Hiu ng phn nhnh
Shift
96
Real income per capita
Thu nhp u ngi thc t
Shift
97
Replacement-denominator
S thay th mu s chung
Shift
98
Residential construction
Xy dng dn c
Shift
Schumpeters business cycle
Hc thuyt chu k kinh t ca
theory
Schumpeter
Selling and buying prices
Gi mua v bn
99
10
0
10
1
10
2
10
3
Single firm or industry

Swollen industrial apparatus
Factor limiting investment
Ngnh cng nghip hoc

cng ty n l
Thit b cng nghip hot ng
cng sut cao
Yu t lm hn ch u t
30
Paraphrase
Shift
Shift
Shift
Paraphrase
Shift
10
Technological
Tin b/i mi
advance/innovation
cng ngh
10
Technological opportunity
doctrine
10
6
10
7
10
8
10
9
110
Shift
Hc thuyt c hi cng ngh
Shift
Theoretical system
H thng l thuyt
Shift
Time preferences
u tin v thi gian
Shift
Total investment demand
Tng cu u t
Shift
Nn kinh t/th trng
Unhampered economy/market
Upper/higher-income
groups/brackets
Shift
khng b cn tr
Nhm dn c c thu nhp cao
Shift
2. NOUN PHRASES WITH OF-GENITIVE AS POST-MODIFERS
No.
111
English
Vietnamese
Translation
equivalents
strategies
ng bin gii
Literal, Omission
noun phrases
Closing of the frontier
31
112
Refuter of the theory
Ngi bc b l thuyt
Literal, Omission
113
State of technical knowledge
Tnh trng kin thc k thut
Shift, Omission
114
Tastes of the society
Th hiu x hi
Literal, Omission
115
Underworld of economics
116
117
118
119
120
121
122
123
124
125
126
127
128
129
"Th gii ngm"

ca kinh t hc
A fixed ratio of capital
T sut c nh gia vn v
to output
u ra
Areas of the economy
Cc lnh vc ca nn kinh t
Austrian theory of the
Hc thuyt chu k thngmi
trade cycle
ca o
Average life of the machine
Tui th trung bnh ca

my mc
Business procedure of
Quy trnh nghin cu v
research and development
pht trin trong kinh doanh
Civilized standard of living
Mc sng cao
Cluster of entrepreneurial
Lot sai phm / kh nng
errors / ability
trong kinh doanh
Costs of production
Gi thnh sn xut
Dearth or saturation of
Khan him hoc bo ha
investment opportunities
c hi u t
Decade of expansion
Thp k m rng sn xut
Decennial bursts of
Cuc bng n u t
investment
thng nin
Demonstration of the principle
S m t v nguyn l
Determinant of saving
Yu t quyt nh tit kim
and investment
v u t
Disasters of the business cycle
Thm ha ca
chu k kinh doanh
Literal
Shift
Literal
Shift
Shift
Shift, Omission
Shift, Omission
Shift, Omission
Literal, Omission
Shift, Omission
Paraphrase
Shift, Omission
Literal
Literal, Omission
Shift
Distortion of market
S bin dng ca vic iu
adjustment
chnh th trng
131
Division of labor force
Phn chia lc lng lao ng
Shift, Omission
132
Durability of the capital goods
bn ca t liu sn xut
Literal
133
Effects of innovations
nh hng ca i mi
32
Literal
130
Shift
Equilibrium condition of
iu kin cn bng ca
the Walrasian system
h thng Walras
135
Ever-present possibility of
substitution
Kh nng thay th hin ti
Shift, Omission
136
Excess capacity of plant
Cng sut nh my d tha
Shift, Omission
Nng/i chi ph qu mc
Shift, Omission
134
137
Excessive bidding up /
overbidding of costs
Shift
138
Expansion of money supply
M rng ngun cung tin
Shift, Omission
139
Explanations of depression
Nhng l gii v suy thoi
Literal
Fallacy/Failure of the
Sai lm/tht bi ca hng
investment opportunity
c hi u t
140
141
142
143
Ignore/Neglect of the
price system
S b qua h thng gi
Inflationary distortion of
S bin i theo hng tng
market interest rates
ca li sut th trng
Level of annual
demand/consumption
Shift
Shift, Omission
Shift
Mc cu/tiu th hng nm
Shift, Omission
144
Limitations of time-preference
Hn ch u tin v thi gian
Shift
145
Line of investment
Dng vn
Literal, Omission
146
Magnification of investment
S phng i v u t
Literal
147
Mistake of bidding costs
Sai lm ca vic nng gi
Shift
Natural course of economic
Qu trnh pht trin kinh t
development
t nhin
Omission of tastes
S b qua th hiu
Shift, Omission
Overproduction/Under-
Sn xut vt mc/di mc
Shift /
production of specific goods
loi hng ha c th
Paraphrase
Point of universal satiation
Quan im tha mn chung
Shift, Omission
Prices of factors of
Chi ph ca cc yu t
production
sn xut
153
Problem of the business cycle
Vn ca chu k kinh doanh
Shift
154
Production of consumer goods
Sn xut hng tiu dng
Literal, Omission
155
Proportion of
T l thu nhp/li nhun
Shift, Omission
148
149
150
151
152
33
Shift, Omission
Shift, Omission
income/profits
156
Proportion of investment
and consumption
T l gia u t v tiu dng
Literal
157
Rate of population growth
T l tng trng dn s
Shift, Omission
158
Real quantities of money
Lng tin thc t
Shift, Omission
Reestablishment of
Ti thit lp chnh lch
price-differentials
gi c
Rigidity of the
S cng nhc ca
mechanical model
m hnh c hc
161
Risk of failure/losses
Nguy c tht bi/thua l
Literal, Omission
162
Seizure of bullion
Cuc thu gi vng
Literal, Omission
163
Selling prices of products
Gi bn sn phm
Shift, Omission
Shift of relative income
S chuyn i t thu nhp
to profits
tng i sang li nhun
Short of the Garden of Eden
Khng c Vn a ng
Stages/Processes of
Giai on/Qu trnh
production
sn xut
Supply of raw cotton
Ngun cung bng th
Supposed slackening of
Ni lng gi nh v
159
160
164
165
166
167
168
investment demand
nhu cu u t
Shift, Omission
Shift
Shift
Shift, Omission
Literal, Omission
Shift, Omission
Shift
169
Theory of the business cycle
L thuyt chu k kinh doanh
Shift, Omission
170
Tissue of fallacies
Phn lp lun sai lm
Literal, Omission
Total supply of savings
Tng cung cc khon tit
available
kim c sn
Underlying causes of
Nguyn nhn tim tng ca
171
172
the crisis
cuc khng hong
Literal, Omission
Shift
173
Unemployment of labor
Lao ng tht nghip
Shift, Omission
174
Unsold stocks of goods
Hng tn kho khng bn c
Shift, Omission
175
Variant of the theory
Phin bn ca l thuyt
Literal
176
View of entrepreneurship
Quan im kinh doanh
Literal, Omission
Working of laissez-faire
Nguyn l ca ch ngha t
capitalism
bn t do kinh t
177
34
Shift
178
Zero rate of interest
Li sut zero
Shift, Omission
APPENDIX B
PASSIVE STRUCTURES
No
English
Vietnamese
Translation
passive sentences
equivalents
strategies
Some economists are prepared

to admit
theory
1
that
the Austrian
could
sometimes
account for cyclical booms and

depressions, but add that other
instances might be explained by
different theories.
Mt s nh kinh t hc sn sng
tha nhn rng i khi hc
thuyt kinh t ca o c th gii
thch cc cuc bng n v suy
thoi kinh t theo chu k, nhng
Passive
voice
of
difference
connotations
b sung rng nhng trng hp

khc c th c gii thch bng
nhng thuyt khc nhau.
Specific crises can, indeed, be Thc vy, cc cuc khng Passive

2
precipitated
by
other hong c th c th lng xung voice
government
action
or do hnh ng hoc can thip difference
intervention in the market.
ca chnh ph vo th trng.
It is based on the common- Ngi ta cn c vo s quan st

sense
3
observation
that
the thng thng l khng hong
crisis is marked by unsold c nh du bng lng hng

stocks
of
capacity
goods,
of
excess tn kho khng bn c, d
plant,
unemployment of labor.
will
production
needed and demanded.

5
This
impossible
point
Passive
voice
of
difference
connotations
tnh trng lao ng tht nghip.
desires remain unsatisfied, so mun v "kinh t" cha c

long
connotations
and tha cng sut trong nh my v
As long as any economic Chng no m nhng mong

4
of
be tha mn th chng , ngi ta

vn cn v c nhu cu sn xut.
Passive
voice
Active voice
of Quan im bt kh thi v s Passive

35
universal satiation had not been tho mn chung ny cha t

reached in 1929.
c vo nm 1929.
Why cant this money be used Ti sao lng tin ny khng

6
to buy these overproduced c s dng mua hng ha

goods?
"sn xut tha"?
Since costs are determined by Bi v chi ph c xc nh

expected future selling prices, bng gi bn d kin trong
7
this means that costs
were tng lai, iu ny ngha l chi
previously bid too high by ph b cc doanh nghip y ln

entrepreneurs.
qu cao t trc.
voice
of
difference
connotations
Passive
voice
of
difference
connotations
Passive
voice
of
difference
connotations
The malinvestment caused by Vic u t chch hng do s Passive

8
credit
expansion
production
into
diverted m rng quy m tn dng gy ra voice

lines
that a sn xut theo hng difference
turned out to be unprofitable.

Since hoarding cannot proceed
so
9
far
as
to
eliminate
consumption altogether, some

level of consumption will be
maintained.
of
khng c li nhun.
connotations
V tch tr khng th ln n Passive

mc c th loi b tiu th hon voice
of
ton, mc tiu th no s difference

c duy tr.
connotations
Passive
10
If they are anticipated, there Nu chng c d kin trc, voice

need be no losses at all.
s khng bao gi c thua l.
of
difference
connotations
Why were costs bid so high Ti sao chi ph b y ln qu Passive

11
that the product has become cao n mc sn phm khng voice
of
unprofitable at current selling mang li li nhun gi bn difference

prices?
hin hnh?
connotations
12
We tend to be misled because Chng ta c xu hng b nhm Passive

voice
of
national income accounting ln bi hch ton thu nhp quc
difference
deals solely in net terms.
dn ch tnh cc danh mc rng. connotations
13
Gross durable investment is Tng u t lu di c tnh Passive

36
included,
while
gross
inventory
purchases
are
excluded.
vo, trong khi tng lng mua

hng tn kho b tch ring.
Capital is invested and then Vn c u t v sau

14
pours forth onto the market in vo th trng di hnh thc

the form of production.
sn xut.
To sustain a higher standard of

15
living, the production structure

- the capital structure - must
be permanently lengthened.
duy tr tiu chun sng cao

hn, cu trc sn xut - cu trc
vn phi c duy tr lu di.
voice
of
difference
connotations
Passive
voice
of
difference
connotations
Passive
voice
of
difference
connotations
As more and more capital is Trong khi ngy cng nhiu

added
16
and
maintained
in ngun vn c b sung v duy Passive
civilized economies, more and tr trong cc nn kinh t tin voice
of
more funds must be used just tin, ngy cng nhiu qu c difference
to maintain and replace the s dng ch duy tr v thay connotations
larger structure.
This
means
th cu trc vn ln hn.
higher
gross iu ny ngha l tng tit kim
savings must be sustained and cao hn phi c duy tr v

17
invested in each higher stage u t trong tng giai on sn

of
production;
Increased xut cao hn; Vy th cc khon
savings, then, are not wasted.

Since falling
increased
18
prices
due
investment
productivity are reflected
tit kim tng khng b lng ph.

to
and
in
lower unit costs, profitability

is not at all injured.
The given money supply is
19
called upon to perform over a

greater number of stages of
production.
20
Passive
voice
of
difference
connotations
V rt gi do u t v nng Passive
sut tng c th hin chi voice
of
ph trn u sn phm thp, li difference

nhun khng b nh hng.
Lng cung tin cho trc c
huy ng thc hin trong
nhiu giai on sn xut hn.
connotations
Passive
voice
of
difference
connotations
It is generally admitted that it Phi tha nhn rng chnh Passive

is
the producers,
consumers
goods
not
the ngnh cng nghip sn xut voice
industries hng ha, ch khng phi ngnh

37
that
suffer
most
during
a hng tiu dng phi gnh chu
depression.
Every
21
nhiu nht trong sut suy thoi.
crisis
is marked
by
malinvestment
and
undersaving,
not
underconsumption.
22
All production is carried on for

eventual consumption.
inevitable
chch hng v tit kim di

mc, khng phi l tiu th
excess
Mi nn sn xut c tin
hnh phc v vic tiu dng
cui cng.
capacity
created in the boom.
rarely used to provide a full

theory of the cycle; but it is
very often used as one of the
main elements in cycle theory.
Passive
voice
of
difference
connotations
Passive
voice
of
difference
connotations
Nn kinh t b b mc trong tnh Passive

trng "cng sut d tha" khng voice
of
trnh khi do bng n kinh t difference

gy ra.
The acceleration principle is

24
c nh du bng s u t
di mc.
The economy is left with the

23
Mi cuc khng hong u
Active voice
connotations
Nguyn l tng tc him khi

c p dng gii thch mt Passive
l thuyt chu k y , nhng voice
of
thng xuyn c s dng nh difference

l mt trong nhng yu t chnh connotations
trong l thuyt chu k.
The economy in general does Nn kinh t khng tri nghim Passive

25
not experience zero demand nhu cu vn bng khng b ngt voice

for
capital,
punctuated
of
by qung bi cc cuc bng n u difference
decennial bursts of investment.
t thng nin.
connotations
If the market can iron out such Nu th trng c th gii quyt

rapid fluctuations, why cant it cc bin ng lin tc y, th ti Passive
26
iron
out
the
postulated in
version
of the
milder
the
of
standard bin ng nh hn c cng difference
acceleration nhn trong phin bn tiu chun connotations
principle?
27
ones sao khng th gii quyt nhng voice
ca nguyn l tng tc?
There is an important fallacy W.H. Hutt pht hin ra mt Passive

at
the
very heart
of the li lp lun quan trng nm voice
accelerationists own example, ngay ti v d ca cc nh kinh

38
fallacy
that
has
been
uncovered by W.H. Hutt.

A week is never used by the
accelerationists,
28
because
the
theory could certainly not then

be used to explain the general
business cycle.
t theo trng phi tng tc.
Active voice
Thi gian mt tun cha bao

gi c cc nh kinh t theo Passive
trng phi tng tc s dng, voice
of
bi l thuyt ny c th chc difference

chn khng c s dng l connotations
gii chu k kinh doanh chung.
Th trng s khng theo
The
market will not
production
29
31
hoch nh sn xut thun li, Passive
and
m khng c s bin ng tht voice
accordingly
thng theo m hnh ca cc difference
fluctuations manufactured by
nh kinh t theo trng phi connotations
the accelerationists model.
tng tc ra.
are
assumptions
other
made
erroneous C nhng nhn nh sai lm

by
the khc xut pht t nguyn l
u t tng mng c thc Passive
made
hin khng lin tc, c bit l voice
discontinuously,
of
difference
Investments are lumpy, and
connotations
of
nhng khon u t vo mt difference
nh my c nh.
connotations
plant.
There is yet a far graver flaw Tuy nhin, trong nguyn l tng
Passive
-and a fatal one - in the tc cn c mt sai lm nghim
voice
of
acceleration principle reflected trng hn, mt li cht ngi
difference
in the rigidity of the mechanical c phn nh trong s cng
connotations
model.
nhc ca m hnh c hc.
of the price system or of doanh nghip khng h c

entrepreneurship.
34
voice
tng tc.
No mention whatever is made H thng gi c hoc vn ca

33
Passive
acceleration principle.
especially those in a fixed
32
of
smoothly, without the erratic
There
30
plan
cp n.
Passive
voice
of
difference
connotations
All production on the market is Mi vn sn xut trn th Passive

run by entrepreneurs operating trng u do doanh nghip vn voice
under the price system
hnh theo s iu tit ca h difference

39
of
thng gi.
connotations
It is difficult to see how any Tht kh thy mc

economic theory can be taken nghim tc ca bt k hc Passive
35
seriously that completely omits thuyt kinh t no m loi b voice

the
price
system
from
its hon ton h thng gi c khi Active voice
reckoning.
vic tnh ton xem xt ca n.
Reactions are forgotten, and

monetary and physical terms are
36
hopelessly entwined by the

theory without mentioning price
changes.
Cc phn ng u b lng qun,

cc iu khon tin t v vt Passive
cht u b l thuyt kt li vi voice
of
nhau mt cch v vng m difference

khng tnh n nhng thay i connotations
v gi c
These price differentials are Nhng s chnh lch v gi c

37
interrelated at each stage of c s tng quan vi nhau

production.
tng giai on sn xut.
Passive
voice
of
difference
connotations
Passive
voice
of
selling and buying prices is v bn c nng ln, th ngi difference
raised, production of this good ta s kch thch vic sn xut connotations
&
Active
will be stimulated.
loi hng ha ny.
voice
If the price differential between Nu s chnh lch gia gi mua
38
If factor prices rise faster than Nu yu t gi c tng nhanh

39
selling prices, production is hn gi bn, sn xut b ct

curtailed.
gim.
Passive
voice
of
difference
connotations
Once this point is stressed, Mt khi quan im ny c

entrepreneurs
40
in
unhampered economy, should trong nn kinh t khng b cn voice
of
be able to forecast the supposed tr, c th d bo vic ni lng difference

slackening
of
demand
arrange their investments.

41
an nhn mnh, cc doanh nhn Passive
and gi nh v cu v sp xp cc connotations
khon u t ca h.
Even if the remainder of the Thm ch nu phn cn li ca Passive

principle
were conceded, it nguyn l c tha nhn, n voice
could only explain fluctuations, ch c th gii thch v cc bin difference

40
of
not depressionnot the cluster ng, cn vn suy thoi, hay

of
errors
made
by
the hng lot cc sai lm ca doanh connotations
entrepreneurs.
nghip th khng.
The errors are precisely caused Cc sai st chnh xc l do

42
by entrepreneurial failure to doanh nghip khng d bo

forecast change.
c cc thay i.
In Misess theory, entrepreneurs Trong hc thuyt ca Mises,

are prevented from forecasting doanh nghip b hn ch vic d
43
correctly
because
of
the bo chnh xc bi s can thip
tampering with market signals ca chnh ph lm xo trn cc

by government intervention.
"tn hiu" th trng.
These changes would all be Nhng thay i ny s c

44
discounted
and arranged
in tnh n v sp xp ph hp t
advance accordingly.
45
This
cannot
be
done
as
efficiently in other instances.

Its error is akin
46
trc.
to
those Sai lm ca nguyn l tng t
economic thuyt kinh t Anh-M v i
theories.
voice
of
difference
connotations
Passive
voice
of
difference
connotations
Passive
voice
of
difference
connotations
iu ny khng th c thc Passive

voice
of
hin mt cch hiu qu trong
difference
cc trng hp khc.
connotations
committed by the great bulk of nh nhng sai lm m cc hc

Anglo-American
Passive
mc phi.
Passive
voice
Active voice
Passive
How is the increase to be S tng trng c hch ton voice

47
of
financed? What general changes nh th no? Cn nhng thay difference

are needed elsewhere to permit i chung no cho php vic connotations
such an increase?
tng nh vy?
+
Active voice
These
48
resources
must
be Nhng ngun ny phi c Passive
allocated to the uses most phn b cho cc mc ch s voice

urgently
demanded
by
individuals in the society.
of
all dng khn cp nht theo yu difference

cu ca cc c nhn trong x hi connotations
41
To gain a good of greater value,

49
some other good of lesser value

to individuals must be given up.
Greater
aggregate
consumption
50
acquired
can
present
only
through
aggregate
be
lowered
savings
and
investment.
t c mt hng ha c
gi tr ln hn phi b i hng
ha no c gi tr thp hn
i vi cc c nhn.
Passive
voice
Active voice
Tng mc tiu th hin thi ln Passive

hn ch c th t c thng voice
of
qua vic h mc tng tit kim difference

v u t.
connotations
If it exists at all, it must be Gi s nguyn l ny tn ti, n Passive

51
attributed to government rather phi c gn vi chnh ph voice

than to the working of laissez- ch khng phi vi s vn hnh difference
faire capitalism.
ca ch ngha t bn t do.
For the example offered by the V d do nguyn l tng tc a

52
acceleration principle deals in ra i hi gii quyt trong cc

physical, real terms.
It
53
of
might
be
objected
iu khon thc t hu hnh.
connotations
Passive
voice
of
difference
connotations
that Ngi ta c th phn i rng Passive
inflation cannot increase all lm pht khng th lm tng s voice

quantities proportionately.
lng theo t l tng ng.
Active voice
Passive
54
The acceleration principle has Nguyn l tng tc b mai voice

been irretrievably lost
mt khng th cu vn ni.
of
difference
connotations
The
Austrian
theory
deals Hc thuyt kinh t o gii
precisely with the distortions quyt chnh xc s bin i ca Passive

55
of
market
adjustment
consumptioninvestment
to vic iu chnh th trng i voice
of
vi t trng tiu th-u t, do difference
proportions, brought about by s m rng tn dng lm pht connotations

inflationary credit expansion.
gy ra.
42
The entrepreneurs are lured by Cc doanh nghip b tnh trng Passive

56
increased
consumption
overexpand
to tiu dng ngy cng tng thu voice
durable ht nn m rng qu mc cc difference
investments.
ngun u t lu di.
connotations
Total investment is limited by Tng mc u t b gii hn bi

57
the total supply of savings tng ngun cung tit kim sn

available.
c.
The cluster of entrepreneurial

58
error
is
caused
by
the
inflationary distortion of market

interest rates.
Investment
59
opportunities
open themselves up during the

boom
and
are
exploited
accordingly.
A
dearth
of
investment
opportunities caused by an
60
insufficient rate of population

growth,
the
resources,
lack
and
of
new
inadequate
technical innovation.
Rarely
61
have
the
causal
connections themselves been

challenged.
assumed
without
being
New
net
considered
voice
of
difference
connotations
Chui sai st ca doanh nghip

l do s bin ng ngy cng
tng ca li sut th trng.
Passive
voice
of
difference
connotations
Nhng c hi u t t m ra
trong sut thi k bng n kinh
t v t c khai thc.
Passive
voice
of
difference
connotations
Khan him c hi u t l do
t l tng trng dn s thp,
thiu ngun ti nguyn mi v
i mi cng ngh cha ph
hp.
Passive
voice
of
difference
connotations
Passive
Him khi cc mi quan h tc voice of

nhn c ngi ta kim chng. difference
Hc thuyt c tha nhn rng

ri
khng
chng mt cch cn thn.
carefully supported.
63
Passive
connotations
The doctrine has been widely

62
of
minh
Passive
voice
difference
connotations
investment
is Vic u t rng mi c xem Passive
the
to nh l nhn t chnh dn ti s voice
key
depression or prosperity.
suy thoi hay hng thnh.

43
of
difference
of
connotations
New
64
natural
resources,
relatively unimportant item, is

rarely stressed.
considered
nhin mi, mt yu t tng i voice
an
important
factor making for prosperity or

depression.
Tng dn s thng c coi l

mt yu t quan trng lm nn
s hng thnh hay suy thoi.
Extending the division of labor M rng s phn cng lao ng

66
can only be done through ch c th c thc hin thng

greater investment.
of
khng quan trng, him khi difference

c nhn mnh.
Population growth is often

65
Cc ngun ti nguyn thin Passive
qua vic u t ln hn.
connotations
Passive
voice
of
difference
connotations
Passive
voice
of
difference
connotations
Even if more construction is Ngay c khi xy dng c yu Passive

67
demanded, this will simply cu nhiu hn, vic ny n voice

reduce consumption demand gin l gim nhu cu tiu th difference
in other areas of the economy
Technology
68
is
perhaps
Some
great
the Cng ngh c l l yu t c

yu t b coi l tc nhn gy ra.
connotations
Passive
voice
of
difference
connotations
technological Khi ci tin cng ngh v i Passive
innovation is made, a field for no c thc hin, mt lnh voice
of
investment opens up, and a vc u t m ra, v mt cuc difference

boom is at hand.
Technology,
70
trong cc khu vc kinh t khc.
most emphatically stressed of nu ln nhiu nht trong s cc

these alleged causal factors.
69
of
bng n nm trong tm tay.
while
connotations
vitally Trong khi cng ngh l yu t Passive
important, is only indirectly, v cng quan trng, ch gin
voice
of
and not directly, involved in tip, ch khng c trc tip difference

an investment.
lin quan ti vic u t.
connotations
The conditions of Misesian Cc iu kin theo trng phi Passive

71
rather
than
Walrasian ca Mises l ra nn c p voice
equilibrium should have been dng thay v l thuyt cn bng difference

employed.
72
of
Saving
is
ca Walras.
limited
by
connotations
time Tit kim b hn ch bi u tin Passive

44
preference: the preference for

present
over
future
consumption.
The
73
shorter
productive
processes are the first to be

developed.
The
74
processes
remaining untapped are not

because
of
the
limitations of time-preference.
Even if all existing technology
75
were
exploited, there would
still
be
unlimited
opportunities for investment.

Even if better steel mills and
76
factories could not be built,

more of them could always be
built.
of
difference
connotations
Passive
Quy trnh sn xut ngn hn l voice

vic u tin c thc hin.
Quy trnh sn xut di hn cha

c khai thc do hn ch u
tin v thi gian.
Thm ch nu tt c cng ngh
sn c u c khai thc, c
hi u t vn khng hn ch.
Thm ch nu cc nh my hoc
xng sn xut thp cht lng
tt cha th c xy dng,
nhiu nh my trong s vn
c th lun c xy.
Investment
77
th cho hin ti hn l tng lai.
voice
of
difference
connotations
longer
exploited
v mt thi gian: u tin tiu
opportunities
always exist, and
are
only
limited by time preferences and

available saving.
C hi u t lun lun tn ti
v ch b hn ch bi u tin v
thi gian v tit kim sn c.
Passive
voice
of
difference
connotations
Passive
voice
of
difference
connotations
Passive
voice
of
difference
connotations
Passive
voice
of
difference
connotations
The more saving, the more Tit kim cng nhiu, cng xut Passive
78
investment there will be to hin nhiu c hi u t p voice

satisfy those desires not now ng nhng mong mun cha difference
fulfilled.
hon thnh.
The fallacy of the investment

79
opportunity
approach
revealed
its
by
This erroneous
was
generated
is
complete
neglect of the price system.

80
of
S sai lm ca hng "c hi

u t" bc l ra l do hon ton
b qua h thng gi c.
connotations
Passive
voice
of
difference
connotations
overbidding S i gi qu mc sai lm l Passive

by
the do s m rng quy m tn dng voice

45
of
inflationary credit
expansion lm pht trong thi k bng n difference
of the boom period.
gy ra.
connotations
Ngi ta vn cho rng mt

It is maintained that a certain ngnh cng nghip nht nh
81
industrysay construction or nh xy dng hoc t l

autoswas
particularly nhng ngnh c bit hng
prosperous in the boom.
thnh trong giai on bng n
Passive
voice
Active voice
kinh t.
Declines
82
in one or several
industries
are
offset
by
expansion in others.
Joseph
S st gim trong mt hay mt Passive

s ngnh cng nghip c b voice
p bng vic m rng cc difference
ngnh khc.
Schumpeters
connotations
cycle Bn cnh hc thuyt o, hc
theory is notable for being the thuyt

83
of
chu k
ca Joseph Passive
only doctrine, apart from the Schumpeter gy c s ch voice
of
Austrian, to be grounded on, v l hc thuyt duy nht c difference

and integrated with, general xy dng v tch hp vi l connotations
economic theory.
It
was
grounded
Walrasian,
84
Austrian,
thuyt kinh t chung.
rather
general
on Hc thuyt c xy dng trn

than nn tng ca hc thuyt Walras
economics, thay v hc thuyt o, kinh t
and was thus doomed from the hc chung, v b bc b ngay

start.
85
t khi bt u.
These innovations are financed

by bank credit expansion.
The
ending of
the cluster,
accompanied by the sudden

86
difficulties faced by the old

firms, and a generally increased
risk of failure, bring about the
depression.
87
Nhng i mi c cp vn t
vic m rng quy m tn dng
ngn hng.
Passive
voice
of
difference
connotations
Passive
voice
of
difference
connotations
Hi kt ca chui sai lm km
theo nhng kh khn bt ng Passive
m cc cng ty c phi i mt voice
v nguy c ph sn ngy cng Active voice

tng dn n suy thoi.
There is no explanation offered Khng c li gii thch no v Passive

46
on
the
lack
of
accurate vic thiu cc d bo chnh xc voice
of
forecasting by both the old c c cc cng ty c v mi difference

and new firms.
a ra.
Ti sao cc kh khn khng
88
Why were not the difficulties
c lng trc v gim
expected and discounted?
thiu?
connotations
Passive
voice
of
difference
connotations
Passive
89
Time preferences and interest u tin v thi gian v li sut voice

are ignored.
b b qua.
of
difference
connotations
Investment financed by bank u t c cp vn t tn dng

90
credit need not be directed into ngn hng khng cn chuyn

innovations.
A
91
hng vo nhng i mi.
periodic
cluster
Chui kh nng doanh nghip
entrepreneurial ability is clearly theo giai on khng c m

unwarranted.
Schumpeters
bo r rng.
view
of Quan im kinh doanh ca
entrepreneurshipusually
92
of
acclaimed
as
contributionis
his
Schumpeter thng c ca
greatest ngi nh l ng gp ln nht

extremely ca ng, thc s v cng nng
narrow and one-sided.
cn v phin din.
47
Passive
voice
of
difference
connotations
Passive
voice
of
difference
connotations
Passive
voice
of
difference
connotations
APPENDIX C
TRANSLATION PRODUCT
English
Vietnamese
Some Alternative Explanations
Mt s l gii khc v suy thoi:
of Depression: A Critique
kin ph bnh nh gi
Mt s nh kinh t hc sn sng tha
Some economists are prepared to admit

that
the
Austrian
theory
could
sometimes account for cyclical booms

and depressions, but
add that
other
instances might be explained by different

theories. Yet, as we have stated above,
we believe this to be an error: we hold
that the Austrian analysis is the only one
that accounts for business cycles and their
familiar phenomena.
nhn rng i khi hc thuyt kinh t

theo trng phi ca o c th gii thch
cc cuc bng n v suy thoi kinh t
theo chu k, nhng b sung rng nhng
trng hp khc c th c gii thch
bng nhng hc thuyt khc nhau. Tuy
nhin, nh chng ta nu trn, chng ta
tin rng iu ny l mt sai lm: chng ta
cho rng cch phn tch theo hc thuyt
o l cch duy nht gii thch v cc chu
k kinh t v cc hin tng quen thuc
ca chu k kinh t.
Specific
crises
can,
indeed,
be
Thc vy, cc cuc khng hong c th
precipitated by other government action
c th lng xung nh hnh ng hoc s
or intervention in the market. Thus,
can thip ca chnh ph vo th trng.
England suffered a crisis in its cotton
Do , nc Anh chu mt cuc
textile industry when the American Civil
khng hong trong ngnh cng nghip
War cut off its supply of raw cotton. A
dt vi khi cuc ni chin Hoa K ct t
sharp increase in taxation may depress
ngun cung cp si bng th. Thu tng
industry and the urge to invest and
mnh c th khin nn cng nghip v
thereby precipitate a crisis. Or people may
nhu cu u t lng xung, nh cuc
suddenly distrust banks and trigger a
khng hong gim i. Hoc nh t
deflationary run on the banking system.
nhin ngi ta c th nh mt nim tin

48
vo ngn hng v gy tnh trng gim

pht i vi h thng ngn hng.
Tuy nhin, nhn chung, vic rt tin ngn
Generally, however, bank runs only occur
after a depression has already weakened
confidence, and this was certainly true in
1929. These instances, of course, are not
cyclical events but simple crises without
preceding booms.
They are
always
identifiable and create no mysteries about

the underlying causes of the crises.
hng hng lot ch xy ra sau khi suy

thoi lm suy yu nim tin, v iu ny
hon ton ng vo nm 1929. Tt nhin,
nhng trng hp ny khng phi l cc
s kin mang tnh chu k m ch l cc
cuc khng hong n thun khi khng
c cc cuc bng n trc . Nhng
tnh hung ny lun d dng nhn bit v
khng che giu v cc nguyn nhn tim
tng gy ra cc cuc khng hong.
When
W.R.
the
Khi W.R. Scott tm hiu bin nin s
business annals of the early modern
kinh doanh trong nhng th k cn i,
centuries, he found such contemporary
ng tm ra nhng l gii tm thi v
explanations of business crises as the
cc cuc khng hong kinh t nh sau:
following: famine, plague, seizure
of
nn i, bnh dch hch, t thu gi vng
bullion by Charles I, losses in war, bank
ca vua Charles I, tn tht trong chin
runs, etc. It is the fact that no such
tranh, s rt tin hng lot t ngn hng,
obvious disaster can explain modern
vv. Thc t l khng c thm ha r rng
depressions that accounts for the search
no c th gii thch cc cuc suy thoi
for a deeper causal theory of 1929 and
thi hin i m ch gii thch cho vic
all
tm kim mt l thuyt su xa hn v
other
Scott
depressions.
investigated
Among
such
theories, only Misess can pass muster.
nguyn nhn ca nm 1929 v tt c cc

cuc suy thoi khc. Trong cc hc
thuyt , ch c hc thuyt ca Mises l
hc thuyt ch o.
TNH TRNG SN XUT D THA

49
GENERAL OVERPRODUCTION
NI CHUNG
"Sn xut d tha" l mt trong nhng l
Overproduction is one of the favorite

explanations of depressions. It is based
on the common-sense observation that
the crisis is marked by unsold stocks of
goods, excess capacity of plant, and
unemployment of labor. Doesnt this
mean
that
the
capitalist
system
produces too much in the boom, until

finally the giant productive plant outruns
itself? Isnt the depression the period of
rest, which permits the swollen industrial
apparatus to wait until reduced business
activity
clears
away
the
excess
production and works off its excess

inventory?
gii hay dng v suy thoi. Ngi ta da

vo quan st thng thng l khng
hong c nh du bng lng hng
tn kho khng bn c, d tha cng
sut trong nh my v tnh trng lao ng
tht nghip. C phi iu ny ngha l
"h thng t bn ch ngha" sn xut
"qu nhiu" trong thi k bng n kinh
t, cho n cui cng cc nh my nng
sut khng l vt qua chnh mnh hay
khng? C phi suy thoi l giai on
ngh ngi cho php cc thit b cng
nghip ang hot ng cng sut cao
ch i cho n khi hot ng kinh
doanh gim xung xa b tnh trng sn
xut tha v gii tn lng hng tn kho
hay khng?
This explanation, popular or no, is arrant

nonsense. Short of the Garden of Eden,
there
is
no
such
overproduction.
thing
As
long
as
general
as
any
economic desires remain unsatisfied, so

long will production be needed and
demanded.
Certainly,
this impossible
point of universal satiation had not been

reached in 1929. But, these theorists may
object, we do not claim that all desires
have ceased. They still exist, but the people
lack
the
money
to
exercise
their
demands.
D ph bin hay khng th l gii ny l

cc k v ngha. Khng c Vn a
ng, khng c tnh trng "sn xut d
tha" chung. Chng no m nhng mong
mun v "kinh t" vn cha c tha
mn th chng ngi ta vn cn v c
nhu cu sn xut. Chc chn rng, quan
im bt kh thi v s tho mn chung
ny cha t c cho n nm 1929.
Nhng, cc nh l lun c th phn i,
"chng ti khng cho rng tt c nhng
ham mun chm dt. Chng vn cn
tn ti, nhng ngi ta thiu tin thc
hin nhu cu ca h".
But some money still exists, even in the Tuy nhin, lng tin no vn cn tn
50
ti, ngay c trong tnh trng gim pht

steepest deflation. Why cant this money mnh nht. Ti sao lng tin ny khng
be used to buy these overproduced c s dng mua hng ha "sn xut
goods? There is no reason why prices tha"? Trong mt th trng t do, khng
cannot fall low enough, in a free market, to c l do no gii thch cho vic gi c
clear the market and sell all the goods khng gim n mc thp c th tiu
available.
th hng ha trn th trng v bn ht

tt c hng ha ang c.
If businessmen choose to keep prices up, Nu doanh nghip la chn gi gi

they
are
simply
speculating
on
an mc cao, n thun h ang suy on gi
imminent rise in market prices; they are, c th trng sp tng ln; tm li l, h

in short, voluntarily investing in inventory. t nguyn u t vo hng tn kho. Nu
If they wish to sell their surplus stock, h mun bn hng d tha", h ch cn
they need only cut their prices low gim gi thp bn tt c sn phm
enough to sell all of their product. But ca h. Nhng liu ri h c b thit hi
wont they then suffer losses? Of course, hay khng? Tt nhin, nhng gi y
but now the discussion has shifted to a cuc tho lun chuyn sang mt ni
different plane.
dung khc.
We find no overproduction, we find now

that the selling prices of products are below
their cost of production. But since costs
are determined by expected future selling
prices,
this
means
that
costs
were
previously bid too high by entrepreneurs.

The
problem, then, is not
one of
aggregate demand or overproduction,

but one of costprice differentials.
Chng ta khng thy sn xut d tha,

gi y chng ta thy rng gi bn ca
sn phm thp di mc gi thnh sn
xut chng. Nhng bi v chi ph c
xc nh bng gi bn d kin trong
tng lai, iu ny ngha l chi ph b cc
doanh nghip y ln qu cao t trc.
Do , vn khng phi l "tng cu"
hay "sn xut tha", m l s chnh lch
gia gi c v chi ph.
Why did entrepreneurs make the mistake Ti sao doanh nghip mc li nng chi
of bidding costs higher than the selling ph cao hn so vi gi bn ra m bo?
prices turned out to warrant? The Austrian Hc thuyt kinh t theo trng phi o
theory explains this cluster of error and the gii thch c nhng li ny v vic
excessive
bidding
up
of
costs;
overproduction theory does
the nng chi ph qu mc; nhng l thuyt v
not. In sn xut tha" th khng. Trong thc t,

51
fact, there was overproduction of specific,

not general, goods. The malinvestment
caused
by
credit
expansion
diverted
production into lines that turned out to

be unprofitable (i.e., where selling prices
were lower than costs) and away from lines
where it would have been profitable. So
there was overproduction of specific goods
relative
to
consumer
desires,
and
underproduction of other specific goods.
ch c sn xut d tha ca mt hng ha

c th ch khng phi ca hng ha ni
chung. Vic u t chch hng do s
m rng quy m tn dng gy ra lm sn
xut i theo hng khng c li nhun
(tc l gi bn thp hn so vi chi ph) v
chch khi hng s em li li nhun.
V vy, c s sn xut d tha loi hng
ha c th tng quan vi mong mun
ca ngi tiu dng, v s sn xut di
mc loi hng ha c th khc.
TIU TH DI MC
UNDERCONSUMPTION
The
underconsumption
theory
is
extremely popular, but it occupied the

underworld of economics until rescued,
in a sense, by Lord Keynes. It alleges that
something happens during the boomin
some versions too much investment and
too much production, in others too high a
proportion of income going to upperincome groupswhich causes consumer
demand to be insufficient to buy up the
goods produced. Hence, the crisis and
depression. There are many fallacies
involved in this theory.
Lord Keynes cho rng kha cnh no

, l thuyt tiu th di mc rt ph
bin, nhng n xm chim "th gii
ngm" ca kinh t hc cho n khi c
gii thot. L thuyt cho rng iu g
xy ra trong thi k bng n, trong mt
s trng hp u t qu nhiu v sn
xut qu nhiu, trong cc trng hp
khc t l thu nhp qu cao thuc v
nhm c thu nhp cao, iu ny khin
cho cu tiu dng khng mua ht
hng ha c sn xut. Do , dn n
khng hong v suy thoi. C nhiu li
lp lun lin quan n l thuyt ny.
In the first place, as long as people exist,
Ban u, chng no con ngi cn tn ti
some level of consumption will persist.
th mt mc tiu th no s cn. Ngay
Even if people suddenly consume less and
c khi ngi ta t nhin tiu th t hn
hoard instead, they must consume certain
v thay vo l tch tr, h cng phi
minimum
hoarding
tiu dng mt lng ti thiu nht nh.
cannot proceed so far as to eliminate
V tch tr khng th ln n mc c th
amounts.
Since
loi b tiu dng hon ton, mc tiu

52
consumption altogether, some level of

consumption will be maintained, and
dng no s c duy tr, do dng
therefore
tin ca cu tiu dng s vn cn.
some
monetary
flow
of
consumer demand will persist.

There is no reason why, in a free market,
the prices of all the various factors of
production, as well as the final prices of
consumer goods, cannot adapt themselves
to this desired level. Any losses, then, will
be only temporary in shifting to the new
consumption
level.
If
they
are
anticipated, there need be no losses at all.
Trong th trng t do, khng c l do g

m gi ca tt c cc yu t sn xut khc
nhau, cng nh gi cui cng ca hng
ha tiu dng li khng th t thch ng
vi mc mong i ny. Sau , bt k
khon thua l no s ch l tm thi trong
qu trnh chuyn sang mc tiu th mi.
Nu mc ny c d kin trc, s
khng bao gi c thua l c.
Second, it is the entrepreneurs business
Th hai, chnh cc doanh nghip phi d
to anticipate consumer demand, and there
kin c nhu cu tiu dng, v khng
is no reason why they cannot predict the
c l do g h khng th d on cu tiu
consumer demand just as they make other
dng nh h vn thng a ra cc d
predictions, and adjust the production
on khc, v iu chnh c cu sn xut
structure
The
ph hp vi d on . L thuyt tiu
underconsumption theory cannot explain
th di mc khng th gii thch cc li
the cluster of errors in the crisis.
trong giai on khng hong.
Those who espouse this theory often
Nhng ngi theo l thuyt ny thng
maintain that production in the boom
cho rng vic sn xut trong thi k bng
outruns consumer demand; but (1) since
n kinh t vt xa nhu cu tiu dng;
we are not in Nirvana, there will always
nhng (1) v chng ta khng ci Nit
be demand for further production, and
Bn, nn s lun c nhu cu sn xut
(2) the unanswered question remains:
nhiu hn, v (2) cu hi cha c li gii
why were costs bid so high that the
vn l: ti sao chi ph b y ln qu cao
product has
become unprofitable at
n mc sn phm khng mang li li
current selling prices? The productive
nhun d gi bn hin hnh? C my
machine expands because people want it
sn xut m rng bi ngi ta mun vy,
so, because they desire higher standards
v h mong mun mc sng cao hn
of living in the future. It is therefore
trong tng lai. Do tht v l khi cho
to
that
prediction.
rng sn xut c th vt xa cu tiu

53
absurd to maintain that production could

outrun consumer demand in general.
One
common
variant
of
the
underconsumption theory traces the fatal

flaw to an alleged shift of relative income
to profits and to the higher-income
brackets during a boom. Since the rich
presumably consume less than the poor,
the mass does not then have enough
purchasing-power to buy back
the
expanded product. We have already seen

that: (1) marginally, empirical research
suggests a doubt about whether the rich
consume
less, and (2) there
is not
necessarily a shift from the poor to the

rich during a boom.
be
remembered
that:
(a)
entrepreneurs and the rich also consume,

and (b) that savings constitute the demand
for producers goods. Savings, which go
into investment, are therefore just as
necessary to sustain the structure of
production as consumption. Here we tend
to be misled because national income
accounting deals solely in net terms.
Even gross national product is not
really gross by any means; only gross
durable investment is included, while
gross inventory purchases are excluded.
It
is
not
Mt phin bn ph bin ca l thuyt tiu

th di mc tm ra nguyn nhn ca sai
lm cht ngi ny l s chuyn i t
thu nhp tng i sang li nhun v
nhm ngi np thu thu nhp cao trong
giai on bng n kinh t. V ngi giu
c l tiu th t hn ngi ngho, ngi
dn khng sc mua mua li cc
sn phm m rng. Chng ta thy rng:
(1) theo l thuyt cn bin, nghin cu
thc nghim cho thy c mt s hoi
nghi v vic liu ngi giu c tiu th t
hn, v (2) khng nht thit phi c mt
s chuyn dch t ngi ngho n ngi
giu trong giai on bng n kinh doanh.
But even granting these assumptions, it

must
dng ni chung.
true,
as
the
Nhng ngay c khi a ra cc gi nh

ny, cn phi nh rng: (a) cc doanh
nghip v ngi giu cng tiu th, v
(b) cc khon tit kim cu thnh nhu cu
v cc loi hng ha ca nh sn xut.
Cc khon tit kim a vo u t, do
cn duy tr c cu sn xut, nh l tiu
th. y chng ta c xu hng b nhm
ln bi v tnh ton thu nhp quc dn ch
tnh n cc danh mc rng. Ngay c
"tng sn phm quc gia" trong mi
trng hp cng khng thc s l tng
chung; ch c tng u t lu di c
tnh vo, trong khi tng lng mua hng
tn kho b tch ring.
Nhng ngi theo trng phi tiu dng
underconsumptionists tend to assume, di mc c xu hng cho rng vn

54
that capital is invested and then pours

forth onto the market in the form of
production, its work over and done. On
the contrary, to sustain a higher standard
of living, the production structurethe
capital structuremust be permanently
lengthened. As more and more capital
is added and maintained in civilized
economies, more and more funds must
be used just to maintain and replace the
larger structure.
c u t v sau rt vo th trng
di hnh thc sn xut, tin hnh v
hon thnh, nhng iu ny khng ng.
Ngc li, duy tr mc sng cao hn,
cu trc sn xut - cu trc vn phi
c duy tr lu di. Trong khi ngy
cng nhiu ngun vn c b sung v
duy tr trong cc nn kinh t tin tin,
ngy cng nhiu qu c s dng ch
duy tr v thay th cu trc vn ln hn.
This means higher gross savings, savings
iu ny c ngha tng mc tit kim
that must be sustained and invested in
cao hn cn phi c duy tr v u t
each higher stage of production. Thus,
trong tng giai on sn xut cao hn.
the retailers must continue buying from
Do , cc nh bn l phi tip tc mua
the wholesalers, the wholesalers from the
hng ha t ngi bn bun, ngi bn
jobbers, etc. Increased savings, then, are
bun mua t nh phn phi, vv. Vy th
not wasted, they are, on the contrary,
cc khon tit kim tng khng b lng
vital to the maintenance of civilized
ph, ngc li, chng thit yu i vi
living standards.
vic duy tr mc sng cao.
55
that
Nhng ngi theo trng phi tiu th
expanding production exerts a depressing
di mc khng nh vic m rng sn
secular effect on the economy because
xut to ra hiu ng suy thoi mun thu
prices will tend to fall. But falling prices
i vi nn kinh t bi gi c s c xu
are not depressant; on the contrary, since
hng gim. Nhng rt gi khng phi l
falling
increased
tiu cc; tri li, v rt gi do u t v
investment and productivity are reflected
nng sut tng c th hin chi ph
in lower unit costs, profitability is not
trn u sn phm thp, li nhun khng
at
injured. Falling prices simply
h b nh hng. Rt gi n thun l
distribute the fruits of higher productivity
phn phi thnh qu nng sut cao hn
to all the people. The natural course of
n tt c mi ngi. Qu trnh pht trin
economic development, then,
barring
kinh t t nhin, ri chn lm pht, nhm
inflation, is for prices to fall in response to
lm cho gi gim tng ng vi vic tng
increased capital and higher productivity.
vn v nng sut lao ng cao hn.
Money wage rates will also tend to fall,
T l tin lng cng s c xu hng
because of the increased work the given
gim, bi v cng vic tng ko theo
money supply is called upon to perform
lng cung tin cho trc c huy ng
over a greater number of stages of
thc hin cng vic trong nhiu giai
production. But money wage rates will
on sn xut hn. Nhng t l tin lng
fall less than consumer goods prices, and
s gim t hn so vi gi hng ha tiu
as a result economic development brings
dng, v kt qu l s pht trin kinh t
about higher real wage rates and higher
dn n vic t l lng thc t v thu
real incomes throughout the economy.
nhp thc t cao hn trong nn kinh t.
Contrary
underconsumption
Tri vi l thuyt tiu th di mc, mt
theory, a stable price level is not the
mc gi n nh khng phi l chun
norm, and inflating money and credit in
mc, tin t v tn dng lm pht nhm
order to keep the price level from
gi cho "mc gi" khng gim xung ch
falling can only lead to the disasters of
c th dn n cc thm ha ca chu k
the business cycle.
kinh doanh.
Underconsumptionists
all
prices
to
assert
due
the
to
valid
Gi s tiu th di mc l li gii thch
explanation of any crisis, there would be
hp l cho bt k cuc khng hong no,
depression
goods
hn s c suy thoi trong cc ngnh cng
industries, where surpluses pile up, and
nghip sn xut hng tiu dng, ni m
If
underconsumption
in
the
were
consumer
hng ha thng d chng cht ln, v t

56
ra l s hng thnh tng i trong cc

ngnh cng nghip sn xut hng ho.
the
Tuy nhin, nhn chung phi tha nhn
producers goods industries. Yet, it is
rng chnh ngnh cng nghip sn xut
generally
the
hng ha, ch khng phi ngnh hng
goods
tiu dng phi gnh chu nhiu nht trong
during a
sut qu trnh suy thoi. Ch ngha tiu
depression. Underconsumptionism cannot
dng di mc khng th gii thch hin
explain this phenomenon, while Misess
tng ny, trong khi hc thuyt ca
theory explains it precisely. Every crisis is
Mises gii thch iu ny mt cch chnh
marked
xc. Mi cuc khng hong u c
at
least
relative
prosperity
admitted
producers,
that
in
it
is
not the consumers
industries that
suffer most
by
malinvestment
and
nh du bng s u t chch hng v
undersaving, not underconsumption.
tit kim di mc, ch khng phi l

tiu th di mc.
NGUYN L TNG TC
THE ACCELERATION PRINCIPLE
There
is
only
one
way
the
Cch duy nht m nhng nh tiu th
underconsumptionists can try to explain
di mc c th c gng gii thch vn
the problem of greater fluctuation in the
bin ng nhiu hn trong ngnh sn
producers than the consumer goods
xut hng ha so vi ngnh hng tiu
industries:
principle.
dng l: Nguyn l tng tc. Nguyn l
The acceleration principle begins with the
tng tc bt u bng chn l khng th
undeniable truth that all production is
ph nhn l mi nn sn xut c tin
carried on for eventual consumption. It
hnh phc v vic tiu dng cui
goes on to state that, not only does
cng. Nguyn l ny tip tc khng nh
demand for producers goods depend on
rng khng ch nhu cu i vi hng ho
consumption
this
phc v sn xut ph thuc vo nhu cu
a multiple
tiu th, m chnh nhu cu ca ngi tiu
leverage effect on investment, which it
dng to ra n by a hiu ng ln u
magnifies and accelerates.
t, iu ny to khuch i v tng tc.
The demonstration of the principle begins
S th hin ca nguyn l bt u chc
inevitably with a hypothetical single
chn vi vic mt cng ty hoc ngnh
firm or industry: assume, for example,
cng nghip n l theo gi thit: v d,
the acceleration
demand,
but
consumers demand exerts
that
that
that a firm is producing 100 units of a gi s mt cng ty sn xut 100 n v

57
good per year, and that 10 machines of a
hng ha mi nm, v cn 10 chic my
certain type are needed in its production.
chng loi nht nh sn xut. V gi
And assume further
s thm rng ngi tiu dng cn mua
that
consumers
demand and purchase these 100 units.
100 mu hng .
Suppose further that the average life of

the machine is 10 years. Then, in
equilibrium, the firm buys one new
machine each year to replace the one
worn out. Now suppose that there is a 20
percent increase in consumer demand for
the firms product. Consumers now wish
to purchase 120 units. If we assume a
fixed ratio of capital to output, it is now
necessary for
the firm to have
12
machines.
Gi s thm rng tui th trung bnh ca

my mc l 10 nm. Vy th, trng thi
cn bng, cng ty ny mi nm mua mt
my mi thay th my hao mn.
By gi gi s rng nhu cu ca ngi
tiu dng vi sn phm ca cng ty tng
20%. Ngi tiu dng by gi mun mua
120 mu hng. Nu chng ta gi nh
mt t sut c nh gia vn v u ra,
cng ty ny hin ti cn phi c 12 my.
It therefore buys two new machines this
Do nm nay, cng ty mua hai my
year, purchasing a total of three machines
mi, tng ng mua tng cng l ba
instead of one. Thus, a 20 percent increase
my thay v mt my nh trc. Nh
in consumer demand has led to a 200
vy, nhu cu tiu dng gia tng 20% dn
percent increase
the
n s gia tng v nhu cu my mc ln
machine. Hence, say the accelerationists,
200%. Do , ni nh cc nh l thuyt
a general increase in consumer demand in
theo trng phi tng tc th s gia tng
the
greatly
nhu cu tiu dng ni chung trong nn
magnified increase in the demand for
kinh t s gy ra mt s gia tng khuch
capital goods, a demand intensified in
i v nhu cu i vi t bn phm, nhu
proportion to the durability of the capital.
cu gia tng t l thun vi lu bn
Clearly,
is
ca t bn phm. R rng, hiu ng
greater the more durable the capital good
khuch i cng ln th lu bn ca t
and the lower the level of its annual
liu sn xut cng cao v mc cu thay
replacement demand.
th t liu sn xut hng nm thp hn.
Now, suppose that consumer demand
By gi, gi s rng nhu cu tiu dng
remains at 120 units in the succeeding
vn mc 120 mu hng trong nm k
year. What happens now to the firms
tip. iu g ang xy ra vi nhu cu
demand for machines? There is no longer
my mc ca cng ty? Cc cng ty
economy
in demand for
will
cause
the magnification
effect
58
any need for firms to purchase any new
khng cn phi mua bt k my mi no
machines beyond those necessary
for
ngoi nhng my cn thay th. Ch cn
replacement. Only one machine is still
thay mt my trong nm nay; do , tng
needed
year;
cu my mc ca cng ty s tr v trng
therefore, the firms total demand for
thi c t ba my nh nm trc, xung
machines
the
cn mt my cho nm nay. Nh vy, cu
previous year, to one this year. Thus, an
tiu dng khng i s lm gim 200%
unchanged consumer demand will generate
v cu i vi t liu sn xut.
for
replacement
will revert,
this
from three
a 200 percent decline in the demand for

capital goods.
M rng nguyn l ny mt ln na i
Extending the principle again to the
vi tng th nn kinh t, s gia tng n
economy as a whole, a simple increase in
gin trong cu tiu dng to ra bin
consumer demand has generated far more
ng d di hn v ti sn c nh, trc
intense fluctuations in the demand for
tin lm gia tng nhiu hn so vi t l
fixed capital, first increasing it far more
tng ng, sau phi tri qua giai on
than
then
st gim nghim trng. Theo cch ny,
precipitating a serious decline. In this way,
cc nh kinh t theo thuyt tng tc cho
say the accelerationists, the increase of
rng s tng v cu tiu dng trong giai
consumer demand in a boom leads to
on bng n dn n nhu cu tng mnh
intense demand for capital goods. Then,
v t liu sn xut. Vy th, khi s tng
as the increase in consumption tapers off,
v tiu dng h nhit, chnh t l tng
the lower rate of increase itself triggers a
thp hn chm ngi cho mt cuc suy
depression in the capital goods industries.
thoi trong cc ngnh cng nghip sn
proportionately,
and
xut t bn phm.
consumer
Trong giai on suy thoi, khi cu tiu
demand declines, the economy is left
dng gim, nn kinh t b b mc trong
with
excess capacity
tnh trng "d tha cng sut" khng
in the boom. The acceleration
trnh khi do bng n kinh t gy ra.
principle is rarely used to provide a full
Nguyn l tng tc him khi c p
theory of the cycle; but it is very often
dng lm c s l thuyt y gii
used as one of the main elements in cycle
thch v chu k kinh doanh; nhng thng
theory, particularly accounting for the
thng nguyn l ny c s dng nh
severe fluctuations in the capital-goods
l mt trong nhng yu t chnh trong l
In the
created
depression, when
the
inevitable
59
thuyt chu k, c bit gii thch cc

bin ng nghim trng trong cc ngnh
industries.
cng nghip sn xut t bn phm.

acceleration
Nguyn l tng tc c v ng tin cy
principle is actually a tissue of fallacies.
thc s l mt phn gi thit sai lm.
We
The seemingly
plausible
that
the
Trc tin chng ta c th ch ra rng m
of
one
hnh thay th my mc c v hin nhin
replacement per year assumes that one
mt ln mi nm cho rng mt my mi
new machine has been added in each of
c b sung mi nm trong vng 10
the ten previous years; in short, it makes
nm trc; tm li, iu ny dn n gi
the highly dubious
assumption that the
thit gy ng vc rng cng ty v
firm has been expanding rapidly and
ang m rng nhanh chng v lin tc
continuously over the previous decade.
trong sut thp k trc.
This is indeed a curious way of describing
y thc s l mt cch m t tnh trng
an equilibrium situation; it is also highly
cn bng gy t m; cng rt ng ng
dubious to explain a boom and depression
khi gii thch v bng n v suy thoi khi
as only occurring after a decade of
ch xy ra sau mt thp k m rng quy
previous expansion. Certainly, it is just as
m trc . Hin nhin, rt c kh nng
likely that the firm bought all of its ten
l cng ty mua tt c mi my cng
machines at oncean assumption far
lc, mt nhn nh ph hp hn nhiu
more
current
vi tnh trng cn bng hin ti i vi
equilibrium situation for that firm. If
cng ty . Nu iu xy ra th nhu
that happened, then replacement demand
cu thay th my mc ca cng ty s ch
by the firm would occur only once every
din ra mt ln mi thp k. Lc u,
decade. At first, this seems only to
iu ny dng nh ch cng c
strengthen the acceleration principle.
nguyn l tng tc. Rt cc, s thay th
After all, the replacement-denominator
quy tc mu s gi y t hn v nhu cu
is now that much less, and the intensified
c b sung ln hn rt nhiu. Nhng
demand so much greater. But it is only
iu ny ch c cng c trn b mt
strengthened on the surface.
m thi.
For everyone knows that, in real life, in
Mi ngi u bit rng, trong i sng
the
the
thc, trong chu trnh cng vic "bnh
economy in general does not experience
thng", nn kinh t ni chung khng
might first
seemingly
point out
obvious
consonant
pattern
with
normal course of
affairs,
zero demand for capital, punctuated by tri qua tnh trng nhu cu v vn bng
60
decennial bursts of investment. Overall,

on the market, investment demand is more
or less constant during near-stationary
states. But if, overall, the market can iron
out such rapid fluctuations, why cant it
iron out the milder ones postulated in the
standard version
of the
acceleration
khng, b ngt qung bi cc cuc bng

n u t thng nin. Nhn chung, nhu
cu u t trn th trng t nhiu n nh
trong trng thi gn nh ng yn.
Nhng v tng th, nu nh th trng c
th xa i nhng bin ng lin tc y th
ti sao n khng th lm mt i nhng
bin ng nh hn c chnh thc cng
principle?
nhn trong cc phin bn chun ca

nguyn l tng tc?
There is, moreover, an important fallacy
Hn na, mt li lp lun ng lu
at the very heart of the accelerationists
nm ngay ti v d ca nhng nh kinh t
own example, a fallacy that has been
theo trng phi tng tc c W.H.
uncovered by W.H. Hutt. We have seen
Hutt pht hin. Chng ta thy rng cu
that consumer demand increases by 20
tiu dng tng c 20%, nhng ti sao
percentbut why must the two extra
phi mua thm hai my trong mt nm?
machines be purchased in a year? What
Qung thi gian mt nm phi lm g vi
does the year have to do with it? If we
vic ny? Nu chng ta phn tch k
analyze the matter closely, we find that
lng vn , chng ta thy rng nm
the
arbitrary and
l mt n v hon ton ty v khng
irrelevant unit even within the terms of
ph hp ngay c trong cc thut ng ca
the example itself.
chnh v d .
We might just as well take a week as the
Chng ta cng c th ly qung thi gian
time period. Then we would aver that
l mt tun. Vy th chng ta s khng
consumer demand (which, after all, goes
nh rng nhu cu tiu dng (tip din
on continuously) increases 20 percent
lin tc) tng 20% sau tun u tin, nh
over the first week, thus necessitating a
vy i hi phi tng 200% v nhu cu
200 percent increase
in demand for
my mc trong tun u tin (hoc thm
machines in the first week (or even an
ch tng khng xc nh nu vic thay th
infinite increase if replacement does not
my mc khng thc hin trong tun u
occur in the first week) followed by a
tin), tip theo l gim 200% (hoc
200 percent (or infinite) decline in the
khng xc nh) trong tun tip theo, sau
next week, and stability thereafter.
l s n nh.
year is a purely
61
Thi gian mt tun cha bao gi c

A
week
is
never
used
by
the
accelerationists because the example would

then clearly not apply to real life, which
does not see such enormous fluctuations
in the course of a couple of weeks, and the
theory could certainly not then be used to
explain the general business cycle. But a
week is no more arbitrary than a year.
cc nh kinh t theo trng phi tng tc

s dng bi v d r rng s khng
c p dng vo i sng thc, iu
ny khng th nhn thy nhng bin
ng to ln nh vy trong qu trnh mt
vi tun, v l thuyt ny c th chc
chn khng c s dng sau l
gii v chu k kinh doanh chung. Nhng
thi gian mt tun hay mt nm th cng
khng c c s.
In fact, the only non-arbitrary timeperiod to choose would be the life of the
Trong thc t, khong thi gian c c s

chn s l vng i ca my (v d
machine (e.g. ten years). Over a ten-year
mi nm). Trong giai on mi nm,
period,
had
nhu cu my mc trc l mi,
previously been ten and in the current
trong thp k hin ti v cc thp k tip
and succeeding decades will be ten plus
theo s l 10 cng thm 2, l 12: tm li,
the extra two, e.g., 12: in short, over the
qua giai on mi nm, nhu cu my
ten-year period, the demand for machines
mc s tng theo t l hon ton tng t
will
same
vi nhu cu tiu dng hng ha v khng
proportion as the demand for consumer
c bt c hiu ng phn nhnh no. V
goodsand there is no ramification effect
doanh nghip mua v sn xut trong sut
whatever.
and
thi gian nh bao trm ln tui th
produce over planned periods covering the
thit b ca h, khng c l do g khi cho
lives of their equipment, there is no
rng th trng s khng theo hoch
reason to assume that the market will not
nh sn xut mt cch m p, m
plan
and
khng c s bin ng tht thng theo
smoothly, without the erratic fluctuations
m hnh ca cc nh kinh t theo trng
manufactured by the accelerationists
phi tng tc ra.
demand
increase
for
in
Since
machines
precisely
businesses
production
the
buy
accordingly
model.
There is, in fact, no validity in saying
Trong thc t, chng c gi tr g khi cho
that
requires
rng tiu th tng ln i hi phi gia
machines
tng sn xut my mc ngay lp tc; tri
increased
increased
consumption
production
of
li, chnh vic tit kim v u t vo

62
immediately; on the
increased
saving
and
contrary, it is
investment
in
machines, at points of time chosen by

entrepreneurs strictly on the basis of
expected profitability that permits future
increased production of consumer goods.
my mc tng, ti nhng thi im c

cc doanh nghip la chn mt cch
nghim tc trn c s em li li nhun
k vng cho php tng vic sn xut
hng ha tiu dng tng lai.
There are other erroneous assumptions
Cn c nhng nhn nh sai lm khc
made by the acceleration principle. Its
xut pht t nguyn l tng tc. Chng
postulate of a fixed capitaloutput ratio,
hn, nh ca h s vn v u ra c
for example, ignores the ever-present
nh, khng tnh n kh nng thay th
possibility of substitution, more or less
hin ti hay t nhiu s phi hp cht ch
intensive working of different factors, etc.
cc nhn t khc nhau... iu ny cng
It also assumes that capital is finely
cho rng ngun vn c th phn chia
divisible,
that
c, b qua mt thc t rng u t
are lumpy, and made
"tng mng c thc hin khng lin
discontinuously, especially those in a
tc, c bit l nhng khon u t trong
fixed plant.
mt nh my c nh.
investments
ignoring
the
fact
There is yet a far graver flawand a

fatal onein the acceleration principle,
and it is reflected in the rigidity of the
mechanical model. No mention whatever
is made of the price system or
of
entrepreneurship. Considering the fact

that all production on the market is run
by entrepreneurs operating under the
price system, this omission is amazing
indeed. It is difficult to see how any
economic theory can be taken seriously
that completely omits the price system
from its reckoning.
Th nhng, trong nguyn l tng tc cn

c mt sai lm nghim trng hn, v iu
ny c phn nh trong s cng nhc
ca m hnh c hc. Khng cp n
nhng g to nn h thng gi c hoc
ca doanh nghip. Cn nhc mt s tht
rng mi vn sn xut trn th trng
u do doanh nghip vn hnh theo s
iu tit ca h thng gi, s gin lc
ny thc s tuyt vi. Tht kh nhn
thy mc nghim tc ca bt k hc
thuyt kinh t no nu n loi b hon
ton h thng gi c ra khi vic tnh
ton xem xt ca n.
A change in consumer demand will
S thay i v cu tiu dng s lm thay
change the prices of consumer goods, yet
i gi c ca hng tiu dng, th nhng

cc phn ng nh vy u b lng qun,
63
and
cc iu khon tin t v vt cht u b
are
l thuyt kt lai vi nhau mt cch v
hopelessly entwined by the theory without
vng m khng tnh n nhng thay i
mentioning price changes. The extent to
v gi c. Mc m bt k doanh
which any entrepreneur will invest in
nghip no s u t vo vic sn xut b
added production of a good depends on its
sung mt lng hng ha ph thuc vo
price
differentials
mi quan h gi c da vo s chnh
between its selling price and the prices of
lch gia gi bn v gi ca cc yu t
its factors of production.
trong qu trnh sn xut.
These price differentials are interrelated
Nhng s chnh lch v gi c mi
at each stage of production. If, for
tng quan vi nhau trong tng giai on
example, monetary consumer demand
ca qu trnh sn xut. V d, nu nhu
increases, it will reveal itself to producers
cu tiu th v tin tng ln, t n s l
of consumer goods through an increase
ra i vi cc nh sn xut hng tiu
in the price of the product. If the price
dng thng qua vic tng gi sn phm.
differential between selling and buying
Nu s chnh lch gia gi mua v bn
prices is raised, production of this good
c nng ln, th s kch thch vic sn
will be stimulated.
xut loi hng ha ny.
If factor prices rise faster than selling
Nu yu t gi c tng nhanh hn gi
prices, production is curtailed, however,
bn, sn xut b ct gim, tuy nhin,
and there is no effect on production if
khng nh hng ti sn xut nu gi c
the prices change pari passus. Ignoring
thay i tng ng. B qua vai tr ca
prices in a discussion of production, then,
gi trong qu trnh sn xut s dn n
renders a theory wholly invalid.
mt m l thuyt hon ton v ngha.
Apart from neglecting the price system,
Ngoi vic b qua h thng gi, quan
the principles view of the entrepreneur
im ca doanh nhn v nguyn l ny
is hopelessly
cng nhc mt cch v vng. Chc nng
such
reactions
monetary
and
are
forgotten,
physical
relationson
the
terms
mechanistic. The prime

is to
u tin ca doanh nghip l phn on,
speculate, to estimate the uncertain future
c tnh v tng lai cha chc chn t
by
the
nhng nh gi ca mnh. Nhng nguyn
acceleration principle looks upon the
l tng tc xem thng doanh nhn l
entrepreneur as blindly and automatically
nhng ngi phn hi vi thng tin hin
responding to present data (i.e., data of the
ti mt cch m qung v t ng (ngha
function
of
using
the
his
entrepreneur
judgment.
But
64
immediate past) rather than estimating
l, d liu ca qu kh tc th) hn l
future data. Once this point is stressed, it
c tnh lng d liu tng lai. Mt khi
will be clear that entrepreneurs, in an
quan im ny c nhn mnh, r rng
unhampered economy, should be able to
l cc doanh nhn, trong mt nn kinh t
forecast
of
khng b cn tr, s c th d bo vic
demand and arrange their investments
ni lng gi nh v cu v theo sp
accordingly.
xp cc khon u t ca h.
If
the
supposed
entrepreneurs
forecast
the
slackening
can
approximately
alleged
acceleration
principle, then the supposed slackening of

investment demand, while leading to
lower activity in those industries, need not
be depressive, because it need not and
would
not
engender
losses
among
businessmen. Even if the remainder of the

principle were conceded, therefore, it
could
only
explain
fluctuations,
not
depressionnot the cluster of errors

made
by
the entrepreneurs.
If
the
accelerationists claim that the errors are

precisely
caused
by
entrepreneurial
failure to forecast the change, we must

ask, why the failure?
Nu cc doanh nghip c th d bo gn
ng iu c cho l "nguyn l tng
tc", th vic ni lng gi nh v nhu
cu u t, trong khi dn n vic gim
st cc hot ng trong cc ngnh cng
nghip, khng cn phi l gim st, bi
v n khng cn v cng s chng to ra
thua l trong doanh nghip. Thm ch
nu phn cn li ca nguyn l c tha
nhn, n ch c th gii thch v cc bin
ng, cn vn suy thoi, hay hng lot
cc sai lm ca doanh nghip th khng.
Nu cc nh kinh t theo trng phi
tng tc tuyn b rng cc sai lm chnh
xc l do doanh nghip khng d bo
c cc thay i th chng ta phi t
hi, ti sao tht bi?
are
Trong hc thuyt ca Mises, cc doanh
correctly
nghip b hn ch vic d bo chnh xc
because of the tampering with market
l do s can thip ca chnh ph lm xo
signals by government intervention.
trn cc "tn hiu" th trng. Nhng
But here the principle allegedly referring
y nguyn l c cho l cp n th
to the unhampered market. Furthermore,
trng khng b cn tr. Hn na,
the principle is far easier to grasp than the
nguyn l ny d dng nm bt hn so
Mises theory. There is nothing complex
vi hc thuyt Mises. Khng c g phc
about it, and if it were true, then it would
tp v n, v gi s iu l s tht th
be obvious to all entrepreneurs that
hin nhin i vi tt c cc doanh
In
Misess theory, entrepreneurs
prevented
from forecasting
65
investment demand would fall off greatly
nghip l nhu cu u t s lao dc rt
in the following year.
nhanh trong nm tip theo.
Theirs, and other peoples, affairs would
Vn ca h v ca nhng ngi khc
be arranged accordingly, and no general
theo s c sp xp, khng ko theo
depression or heavy losses would ensue.
bt k s suy thoi chung hay thua l
Thus, the hypothetical investment
in
nng no. Do , vic u t gi nh vo
seven-year locust equipment may be very
trang thit b trong 7 nm c th tp trung
heavy for one or two years, and then fall
trong mt hoc hai nm, sau st gim
off drastically in the next years.
mnh trong nhng nm tip theo.
Yet this need engender no depression,

since
these
changes
would
all
be
discounted and arranged in advance. This

cannot be done as efficiently in other
instances,
but
certainly
entrepreneurs
should be able to foresee the alleged

effect. In fact, everyone should foresee it;
and the entrepreneurs have achieved their
present place precisely because of their
predictive
ability.
principle
The
cannot
acceleration
account
for
entrepreneurial error.
Tuy nhin, nhu cu ny khng gy ra suy

thoi, v nhng thay i s c tnh
n v sp xp t trc. iu ny khng
th c thc hin mt cch hiu qu
trong cc trng hp khc, nhng chc
chn cc doanh nghip s c th lng
trc nhng nh hng c cho l vy.
Trong thc t, mi ngi nn lng trc
s vic; v cc doanh nghip t c
ch ng hin ti chnh xc nh kh nng
tin on ca mnh. Nguyn l tng tc
khng th l gii cc li thuc v doanh
nghip.
One of the most important fallacies of
Mt trong nhng li lp lun quan trng
the acceleration principle is its wholly
nht ca nguyn l tng tc l bc nhy
illegitimate leap from the single firm or
hon ton bt hp php t cc cng ty
industry to the overall economy. Its error
hoc ngnh cng nghip n l ti tng
is akin to those committed by the great
th nn kinh t. Sai lm ca n tng t
bulk
economic
nh nhng sai lm m phn ln cc hc
theories: the concentration on only two
thuyt kinh t Anh-M v i mc phi:
areasthe single firm or industry, and the
ch tp trung vo hai khu vc, cng ty
economy
these
hay ngnh cng nghip n l v nn
wrong,
kinh t chung. C hai hng tp trung
most
u sai nghim trng, bi h loi b
of
Anglo-American
as
concentrations
because
they
whole.
are
leave
Both
fatally
out
the
nhng khu vc quan trng nht: mi

66
important areas: the interrelations between

the various parts of the economy. Only a
general economic theory is validnever a
theoretical system based on either a
partial or isolated case, or on holistic
aggregates, or on a mixture of the two.
how did the 20 percent increase in

consumption of the firms product come
about? Generally, a 20 percent increase in
consumption in one field must signify a
20 percent reduction of consumption
somewhere else. In that case, of course,
the leap from the individual to the
aggregate is peculiarly wrong, since there
is then no overall boom in consumption
or investment.
If the 20 percent increase is to obtain over
the whole economy, how is the increase
We
cannot simply
postulate an increase in consumption; the

important question is: how can it be
financed?
What general changes
ca nn kinh t. Ch c mt l thuyt
kinh t chung l c gi tr, cn h thng
l thuyt da trn mt trng hp phin
din hay n l hoc trn tng lng ton
din, hoc s trn ln c hai loi trn th
khng bao gi.
In the case of the acceleration principle,
to be financed?
tng quan gia cc b phn khc nhau
are
needed elsewhere to permit such an

increase? These are questions that the
accelerationists never face.
Trong trng hp ca nguyn l tng tc,

s tng 20% trong vic tiu th sn phm
ca cng ty xy ra nh th no? Ni
chung, s tng 20% tiu th trong mt
lnh vc phi l tn hiu biu hin gim
20% tiu th mt lnh vc khc. Trong
trng hp , tt nhin, nhng bc
nhy t c nhn sang n tng th l v
cng sai lm, v sau s khng c s
bng n tng th v tiu th hay u t.
Nu vic tng 20% t c trong ton
b nn kinh t, th lng tng c tnh
ton nh th no? Chng ta khng th ch
n gin mc nhn s gia tng v tiu
th; cu hi quan trng l: n c th c
tnh ton nh th no? Cn nhng thay
i chung no cho php vic tng nh
vy? y l nhng cu hi m cc nh
kinh t theo quan im tng tc cha bao
gi t ra.
Setting aside changes in the supply or
t nhng thay i trong cung hoc cu
demand
moment,
v tin trong mt thi im sang mt
increased consumption can only come
bn, tiu dng tng ch c th xy ra
about through a decrease in saving and
thng qua vic gim tit kim v u t.
investment. But if aggregate saving and
Nhng nu tng tit kim v u t phi
for
money
for
investment must decrease in order to gim xung cho php tng mc tiu
67
permit
an
aggregate
increase
in
consumption, then investment cannot

increase
in
response
to
rising
consumption; on the contrary, it must

decline. The acceleration principle never
faces
this
problem
because
it
is
profoundly ignorant of economicsthe

study of the working of the meansends
principle in human affairs.
th tng, th u t khng th tng p li

vic tiu th tng; tri li, n phi gim
xung. Nguyn l tng tc khng bao gi
i mt vi vn ny bi v n hon
ton khng bit kinh t hc - mn khoa
hc nghin cu v s vn hnh ca
nguyn l phng thc, kt qu trong cc
hot ng kinh t ca con ngi.
Short of Nirvana, all resources are scarce,
Khng c ci Nit Bn, tt c cc ngun
and these resources must be allocated to
ti nguyn khan him, v cc ngun ny
the uses most urgently demanded by all
phi c phn b cho cc mc ch s
individuals in the society. This is the
dng khn cp nht theo yu cu ca cc
unique economic problem, and it means
c nhn trong x hi. y l vn kinh
that to gain a good of greater value,
t duy nht, v iu ny ngha l t
some other
of lesser value to
c mt hng ha c gi tr ln hn
individuals must be given up. Greater
phi b i hng ha no c gi tr thp
aggregate present consumption can only
hn i vi cc c nhn. Tng mc tiu
be acquired through lowered aggregate
th hin thi ln hn ch c th t c
savings and investment. In short, people
thng qua vic h mc tng tit kim v
choose
future
u t. Tm li, ngi ta la chn gia
can only increase
mc tiu th hin ti v tng lai, v ch
present consumption at the expense of
c th tng tiu th hin ti th tng lai
future, or vice versa. But the acceleration
phi tr gi, hoc ngc li. Nhng
principle neglects the economic problem
nguyn l tng tc b qua hon ton v
completely and disastrously.
tai hi vn kinh t ny.
The only way that investment can rise
Cch duy nht m u t c th tng
together with consumption is through
cng vi tiu th l thng qua vic m
inflationary credit expansionand the
rng tn dng lm pht, v cc nh kinh
accelerationists will often briefly allude to
t theo trng phi tng tc thng hay
this prerequisite. But this admission
gn mt cch vn tt vo iu kin tin
destroys the entire theory. It means, first,
quyt ny. Nhng s tha nhn ny ph
that the acceleration principle could not
hy ton b l thuyt. u tin, c
good
between
consumption, and
present
and
possibly operate on the free market. ngha l nguyn l tng tc khng th

68
no hot ng trn th trng t do. Gi

That, if it exists at all, it must be
s nguyn l ny tn ti, n phi c
attributed to government rather than to
gn vi chnh ph ch khng phi vi s
the working of laissez-faire capitalism.
vn hnh ca ch ngha t bn t do.
But even granting the necessity of credit
Nhng ngay c vic tha nhn tnh cp
expansion cannot save the principle.
thit ca vic m rng tn dng th cng

khng th cu vn c nguyn l ny.
For
the
example
offered
by
the
acceleration principle deals in physical,

real terms. It postulates an increased
production of units
in
response to
increased demand. But if the increased

demand is purely monetary, then prices,
both of consumer and capital goods, can
simply rise without any change in physical
productionand there is no acceleration
effect at all.
i vi v d m nguyn l tng tc a
ra gii quyt trong cc iu khon thc t
hu hnh. N mc nhin tha nhn vic
sn xut cc n v hng ha tng p
ng cu tng. Nhng nu vic cu tng
ln hon ton l tin t, vy th gi c ca
hng tiu dng v t liu sn xut, c th
ch n thun tng m khng c bt k
s thay i no trong sn xut vt cht v
hon ton khng c hiu ng tng tc
no c.
In short, there might be a 20 percent rise
Tm li, lng cung tin c th tng
in money supply, leading to a 20 percent
20%, dn n vic tiu th v u t tng
rise in consumption and in investment
20% - thc ra v tng lng, nhng s
indeed
real
lng thc t v tng quan v gi khng
quantities and price relations need not
cn phi thay i, v khng c s phng
change, and there is no magnification of
i v u t trong cc iu khon thc
investment, in real or monetary terms.
t hay tin t. Tht tnh c, iu ny cng
The same applies, incidentally, if the
ng trong trng hp tng v kha cnh
monetary increase
in investment or
tin t trong u t hay tiu dng c c
consumption comes from dishoarding
t vic bn ra thay v m rng quy m
rather than monetary expansion.
tin t.
It might be objected that inflation does not
Ngi ta c th phn i rng lm pht
and
quantities
khng v khng th lm tng s lng
proportionately, and that this is its chief
theo t l tng ng, v y l c im
characteristic. Precisely so. But proceed
chnh ca n. Chnh xc l nh vy.
along these lines, and we are back
Nhng i theo nhng hng ny, chng
in
cannot
all
quantitiesbut
increase
all
69
squarely and firmly in the Austrian theory

of the trade cycleand the acceleration
principle has been irretrievably lost.
the distortions of market adjustment to

brought about
proportions,
by inflationary credit
expansion.
Thus,
maintain,
in
the
l tng tc b mai mt khng g c th
accelerationists
ng s bin dng ca cc yu t iu
chnh th trng i vi t trng tiu thu t, do s m rng tn dng lm pht
gy ra. Nh vy, cc nh kinh t theo
trng phi tng tc cho rng, qu thc,
cc doanh nghip b tnh trng tiu dng
entrepreneurs are lured by increased
ngy cng tng thu ht nn m rng qu
consumption
to
durable
mc cc ngun u t lu di. Tuy nhin,
investments.
But the Austrian theory
hc thuyt kinh t o chng minh rng,
demonstrates that, due to the effect of
do nh hng ca lm pht ln gi c,
inflation on prices, even credit expansion
thm ch vic m rng tn dng ch c th
can
gy ra chch hng u t, ch khng
cause
that
Hc thuyt kinh t o gii quyt xc
the
only
effect,
chu k thng mi ca o, cn nguyn

cu vn ni.
The Austrian theory deals precisely with

consumptioninvestment
ta chc chn tr li ban u vi l thuyt
overexpand
malinvestment,
not
overinvestment.
Entrepreneurs
will
gy ra "u t qu mc".
overinvest in the
higher stages, and underinvest in the

lower
stages,
of
production.
Total
investment is limited by the total supply

of savings available, and a
increase
in
general
consumption signifies
decrease in saving and therefore a decline

in total investment (and not an increase
or
even
magnified increase, as
the
Cc doanh nhn s u t qu mc trong

giai on sn xut mc cao hn, v u
t di mc trong giai on thp hn.
Tng mc u t b gii hn bi tng
ngun cung tit kim sn c, v s tng
tiu dng ni chung biu hin s suy
gim trong tit kim, v dn ti suy gim
tng u t (khng tng hoc thm ch
tng phng i, nh nguyn l tng tc
acceleration claims). Furthermore, the
tuyn b). Hn na, hc thuyt kinh t
Austrian theory shows that the cluster of
o cho thy chui sai st ca doanh
entrepreneurial error is caused by the
nghip l do s bin ng ngy cng tng
inflationary distortion of market interest
ca li sut th trng.
rates.
DEARTH OF INVESTMENT
S KHAN HIM
70
OPPORTUNITIES
CC C HI U T
among
Cc nh kinh t hc thng c xu hng
economists is to attribute depression to a
cho rng tnh trng suy thoi l do khan
dearth, or saturation, of investment
him hoc bo ha cc c hi u t.
opportunities. Investment opportunities
Nhng c hi u t t m ra trong sut
open themselves up during the boom and
thi k bng n kinh t v t c
are exploited accordingly. After a while,
khai thc. Tuy nhin, sau mt thi gian,
however, these opportunities disappear,
nhng c hi bin mt, v do vy suy
and hence depression succeeds the boom.
thoi l bc ni tip ca cuc bng n
The
kinh t. Qu trnh suy thoi tip tc cho
very
common
depression
tendency
continues
until
opportunities for investment reappear.
ti khi cc c hi u t xut hin tr li.
What
alleged
iu g pht sinh ra nhng th c cho
opportunities? Typical are the causal
l cc c hi? Cc tc nhn ph bin
factors listed in a famous article by
c nu ln trong bi bo ni ting ca
Professor Hansen, who attributed the
gio s Hansen, ngi cho rng
depression of the 1930s to a dearth of
nguyn nhn ca thi k suy thoi nhng
investment opportunities caused by an
nm 1930 ti s khan him c hi u t
insufficient rate of population growth,
do t l tng trng dn s t, thiu
the
and
ngun ti nguyn mi v i mi cng
inadequate technical innovation. The
ngh khng ph hp. Tm quan trng ca
importance of this doctrine goes far
hc thuyt ny vt xa hc thuyt v s
beyond Hansens stagnation theory
tr tr ca Hansen - cho rng nhng
that these factors would behave in the
yu t ny s vn hnh trong tng lai
future so as to cause a permanent
dn ti mt xu hng lu di sau suy
tendency toward depression.
thoi kinh t.
For the refuters of the stagnation theory
i vi nhng ngi phn bc hc
tacitly accepted Hansens causal theory
thuyt tr tr cng ngm chp nhn hc
and simply argued empirically that these
thuyt tc nhn ca Hansen v n thun
factors would be stronger than Hansen
phn bin rng nhng yu t c th
gives
lack
of
rise
new
to
these
resources,
had believed. Rarely have the causal

connections themselves been challenged.
The doctrine has been widely assumed
without being carefully supported.
71
mnh hn so vi nhng g Hansen tin

tng. Him khi cc mi quan h tc
nhn c ngi ta kim chng. Hc
thuyt c tha nhn rng ri m khng
c minh chng mt cch cn thn.

Whence come these causal categories? A
Vy cc loi tc nhn t u m ra? Xem
close look will show their derivation from
xt k cng chothy ngun gc ca chng
the
the
xut pht t nhng iu kin cn bng
trong h thng ca Walras, h thng tin
constant and evenly rotating economy,
tng mt nn kinh t vn hnh u n
with tastes, technological knowledge, and
cng vi th hiu, kin thc cng ngh,
resources considered given. Changes can
v ngun ti nguyn c sn. Nhng s
only occur if one or more of these givens
thay i ch c th din ra nu mt hoc
change.
nhiu iu kin cho trc ny thay i.
equilibrium
Walrasian
system
conditions
which
of
assumes
If new net investment is considered the

key to depression or prosperity, then,
knowing that new investment is zero in
equilibrium (i.e., there is only enough
investment to
replace
and
maintain
capital), it is easy to conclude that only

changes in the ultimate givens can lead
to
new
investment. Population and
natural resources both fall under the

Walrasian resource category.
Nu vic u t rng mi c xem nh

l cha kha dn ti suy thoi hay hng
thnh, th cho thy rng u t mi bng
khng trong trng thi cn bng (ngha l
ch c u t thay th v duy tr
ngun vn), tht d dng kt lun rng
ch nhng thay i cc yu t cho trc
cui cng mi dn ti vic u t mi.
Theo hc thuyt ca Walras c hai vn
dn s v ngun ti nguyn thin nhin
u nm trong ngun lc.
Hansens important omission, of course,
D nhin Hansen b qua yu t th hiu.
is tastes. The omission of tastes is enough
S loi b th hiu lm tan v ton
to shatter the entire scheme. For it is time
b m hnh. Chnh yu t u tin v thi
preferences (the tastes of the society for
gian (th hiu x hi hin ti i din
present vis--vis future consumption) that
vi s tiu th trong tng lai) quyt
determines the amount that individuals
nh s lng mi c nhn s tit kim
will save and invest. Omitting
time
hay u t. Vic loi b u tin v thi
essential
gian khng tnh n cc yu t quyt
preferences
leaves out the
determinant of saving and investment.
nh ch yu trong tit kim v u t.
New
relatively
Nhng ngun ti nguyn mi, mt yu t
unimportant item, is rarely stressed. We
tng i khng quan trng, him khi
natural
resources,
used to hear about the baleful effects on c nhn mnh. Chng ta tng nghe
72
v nhng tc ng tiu cc trong vic

the closing of the frontier of open land,
ng bin gii ca nhng min t
but this frontier closed long before the
rng m, nhng bin gii ny ng li
1930s with no ill effects.
Actually,
t lu trc nhng nm 1930 m khng
physical space by itself provides no
gy ra hiu ng xu. Thc ra, chnh
assurance
investment
khong khng gian vt cht y khng
opportunities. Population growth is often
m bo cc c hi u t sinh li. Tng
considered an important factor making
dn s thng c coi l mt yu t
for prosperity or depression, but it is
quan trng lm nn s hng thnh hay
difficult to see why.
suy thoi, nhng rt kh bit nguyn
of
profitable
nhn ti sao.
If population is below the optimum
Nu dn s di mc ti u (thu nhp
(maximum real income per capita), its
thc t trn u ngi ti a), th dn s
further growth permits investment to
tng hn s cho php vic u t tng
increase productivity by extending the
nng sut bng vic m rng b phn lao
division of labor. But this can only be
ng. Nhng iu ny ch c thc hin
done through greater investment. There
thng qua vic u t ln hn. Tuy
is no way, however, that population
nhin, chng bao gi tng dn s c th
growth can stimulate investment, and this
khuyn khch u t v y l vn
is the issue at hand.
thc tin.
increased
Mt lun im cho rng gia tng dn s
population growth stimulates demand for
kch thch nhu cu xy dng phc v dn
residential construction.
But demand
c. Th nhng nhu cu xut pht t sc
stems from purchasing power, which in
mua, iu ny ln lt xut pht t vic
turn stems ultimately from production,
sn xut v tng s lng tr em c th
and an increase in babies may run up
tc ng ti vic khng kh nng sn
against inability to produce enough goods
xut thc phm p ng hiu qu
to demand the new houses effectively.
nhu cu ca nhng gia nh mi. Thm
But
is
ch ngay c khi ngi ta mun xy dng
reduce
nhiu ln, iu ny ch n thun l gim
consumption demand in other areas of
nhu cu tiu dng ca mt khu vc khc
the
consumption
trong h thng kinh t. Nu tng lng
increases due to population growth (and
tiu th tng ln do dn s tng (v
there is no particular reason why it
khng c nguyn nhn c th ti sao), n
One
thesis
even
demanded,
holds
if
more
this
economy.
that
construction
will
If
total
simply
73
should), it will cause a decline in saved and

invested funds rather than the reverse.
Technology
is
perhaps
the
most
causal factors. Schumpeters cycle theory

has led many economists to stress the
importance of technological innovation,
particularly in great new industries; and
thus we hear about the Railroad Boom
or the Automobile Boom.
made, a field for investment opens up,

and a boom is at hand. Full exploitation
of this field finally exhausts the boom,
sets
in.
The fallacy
involved here is neglect of the fact that

technology, while vitally important, is
only indirectly, and not directly, involved
in an investment. At this point, we see
again why the conditions of Misesian
rather than Walrasian equilibrium should
have been employed. Austrian
theory
teaches us that investment is always less

than the maximum amount that could
possibly
exploit
Therefore,
the
knowledge
is
existing
state
Cng ngh c l l yu t c nu ln
nhiu nht trong s cc yu t b coi l
tc nhn gy ra. L thuyt chu k ca
Schumpeter khin nhiu nh kinh t
nhn mnh tm quan trng ca i mi
cng ngh, c bit l trong cc ngnh
cng nghip mi ln mnh; v do ,
chng ta cng c nghe v cuc bng
n xe la hoc bng n xe hi.
Some great technological innovation is
depression
kim v u t ch khng theo xu hng

ngc li.
emphatically stressed of these alleged
and
s dn ti gim st trong cc qu tit
technology.
of
not really
technical
a
limiting
condition to investment.
Khi ci tin cng ngh v i no

c thc hin, mt lnh vc u t m
ra, v s bng n cng ngh nm trong
tm tay. Vic khai thc ton din lnh vc
ny cui cng lm cho kinh t cn kit v
suy thoi bt u. Sai lm lin quan y
l b qua thc t rng, trong khi cng
ngh l yu t v cng quan trng, ch
gin tip ch khng trc tip lin quan
ti vic u t. V im ny, mt ln na
chng ta thy l do ti sao cc iu kin
theo trng phi Mises ch khng phi l
thuyt cn bng theo trng phi Walras
ng l ra nn c p dng. Hc thuyt
o cho chng ta bit rng u t lun
lun t hn s lng ti a m c th khai
thc cng ngh hin c. Do , "tnh
trng hiu bit k thut" khng thc s l
mt yu t hn ch i vi vic u t.
We can see the truth of this by simply
Chng ta c th thy s tht ca iu ny
looking about us; in every field, in every
n thun l xem li mnh; trong mi lnh
possible line of investment, there are
vc, trong mi dng u t, lun c mt
74
always some firms which are not using

the latest possible equipment, which are
still using
older methods. This fact
indicates that there is a narrower limit on

investment
than
technological
knowledge. The backward countries may

send
engineers
aplenty
to
absorb
American know-how, but this will not

bring to these countries the great amount
of investment needed to
raise their
standard of living appreciably.

What they need, in short, is saving: this
is the factor limiting investment. And
saving,
in
turn, is limited by time
preference: the preference for present

over future consumption.
Investment
always takes place by a lengthening of the

processes of production, since the shorter
productive processes are the first to be
developed.
The
longer
remaining
untapped
processes
are
more
productive, but they are not exploited

because
of the
limitations of time-
preference. There is, for example, no

investment in better and new machines
because not enough saving is available.
s cng ty khng s dng cc thit b mi

nht m vn s dng cc phng php
c. Thc t ny cho thy rng c hn ch
hp v u t hn l kin thc cng
ngh. Cc nc lc hu c th c cc k
s tip thu "b quyt kinh doanh ca
ngi M", nhng iu ny s khng
mang li cho cc t nc lng u
t ln cn thit nng cao ng k mc
sng ca h.
Tm li, iu h cn l tit kim: y l

yu t lm hn ch u t. V tit kim
n lt b hn ch do s u tin v mt
thi gian: u tin hin ti p o vic tiu
th trong tng lai. u t lun din ra
bng cch ko di qu trnh sn xut bi
v cc quy trnh sn xut ngn hn s
c thc hin u tin. Cc quy trnh
sn xut di hn cn cha c thc hin
mang li nhiu kt qu hn, nhng cc
quy trnh ny khng c khai thc do
u tin v thi gian. V d nh l khng
u t vo mua my mc tt v mi hn
v khng tit kim c sn.
Even if all existing technology were
Gi s tt c cng ngh sn c u c
exploited, there would still be unlimited
khai thc, vn cn nhiu c hi u t
opportunities for investment, since there
khng gii hn, v vn cn nhu cu cha
would still not be satiation of wants. Even
p ng c. Thm ch nu cc nh my
if better steel mills and factories could not
v xng sn xut thp cht lng tt
be built, more of them could always be
cha th c xy dng, nhiu nh my
built, to produce more of the presently
trong s c th lun c xy dng
produced
consumer
goods.
New sn xut thm nhiu hng ha tiu dng

75
technology improves productivity, but is

not essential
for
creating investment
opportunities; these always exist, and are

only limited by time preferences and
available saving. The more saving, the
more investment there will be to satisfy
those desires not now fulfilled.
hin ti. Cng ngh mi ci thin nng

sut, nhng khng cn thit to ra cc
c hi u t; c hi lun lun tn ti, v
ch b hn ch bi yu t tit kim sn c
v u tin v thi gian. Tit kim cng
nhiu, cng xut hin nhiu c hi u t
p ng nhng mong mun cha hon
thnh.
Just as in the case of the acceleration
Cng nh trong trng hp ca nguyn
principle, the fallacy of the investment
l tng tc, s sai lm trong cch tip cn
opportunity approach is revealed by its
"c hi u t" bc l ra do hon ton b
complete neglect of the price system.
qua h thng gi c. Mt ln na, gi c
Once
have
v chi ph bin mt. Thc ra, nhng
disappeared. Actually, the trouble in a
kh khn trong thi k suy thoi kinh t
depression comes from costs being greater
xut pht t chi ph pht sinh ln hn gi
than the prices obtained from sale of
c thu c t vic bn t liu sn xut;
capital goods; with costs greater than
trong tnh trng chi ph cao hn gi bn,
selling prices, businessmen are naturally
tt nhin doanh nghip min cng phi
reluctant to invest in losing concerns.
u t trc mi lo ngi thua l. Vy th,
The problem, then, is the rigidity of costs.
vn nm ch gi c thiu linh hot.
In a free market, prices determine costs
Trong mt th trng t do, gi c quyt
and not vice versa, so that reduced final
nh chi ph ch khng phi iu ngc
prices will also lower the prices of
li, m gi cui cng gim cng s
productive factorsthereby lowering the
lm gim gi cc yu t sn xut - t
costs of production. The failure
of
gim chi ph sn xut. S tht bi ca c
investment opportunity in the crisis
hi u t trong thi k khng hong bt
stems from the overbidding of costs in
ngun t vic i chi ph qu cao trong
the boom, now revealed in the crisis to
thi k bng n, gi y trong thi k
be too high relative to selling prices.
khng hong chi ph tng ng qu cao
This
was
so vi gi bn. S i gi ti mc sai lm
inflationary credit
l do s m rng quy m tn dng lm
expansion of the boom period. The way to
pht trong thi k bng n kinh t gy ra.
retrieve investment opportunities in a
Vy th cch ly li cc c hi u t
depression, then, is to permit costs
trong thi k suy thoi l cho php yu t
again,
price
erroneous
generated by the
and
cost
overbidding
76
thus
chi ph - gi c gim nhanh, t ti thit
price-
lp chnh lch gi mang li li nhun,
differentials, particularly in the capital
c bit trong ngnh cng nghip t liu
goods industries.
sn xut.
In short, wage rates, which constitute the
Tm li, mc lng chim phn ln cc
great bulk of factor costs, should fall
yu t chi ph, nn gim t do v nhanh
freely and rapidly to restore investment
chng khi phc cc c hi u t.
opportunities. This is equivalent to the
iu ny tng ng vi vic ti thit
reestablishment
price-
lp chnh lch gi cao hn - t l li sut
differentialshigher natural interest rates
t nhin cao hn trn th trng. Do ,
on the market. Thus, the Austrian
cch tip cn theo trng phi kinh t o
approach
of
gii thch vn ca c hi u t, v
other
cc l thuyt khc l ngu bin hoc
factor
pricesto
reestablishing
fall
profitable
of
higher
explains
investment
rapidly,
the
problem
opportunities,
and
khng lin quan.
theories are fallacious or irrelevant.
Tt c nhng tho lun v cc ngnh

Equally irrelevant is all discussion in terms cng nghip c th u khng ph hp of specific industries - an approach very mt cch tip cn tng t vi hc thuyt
similar to the technological opportunity c hi cng ngh. Thng thng ngi ta
doctrine. Often it is maintained that a cho rng mt ngnh cng nghip nht
certain
construction or nh nh xy dng hoc t, l nhng
industrysay
autoswas particularly prosperous in the ngnh c bit hng thnh trong giai on
boom, and that the depression occurred bng n kinh t. Tnh trng suy thoi
because of depressed conditions in that din ra do cc iu kin b gim st trong
particular
industry.
confuses
simple
This,
specific
however, mt ngnh cng nghip no . Tuy

business nhin, iu ny d gy nhm ln gia
nhng bin ng kinh doanh c th vi
fluctuations with general business cycles.
chu k kinh doanh chung.

Declines in one or several industries are S st gim trong mt hoc mt s ngnh
offset by expansion in others, as demand cng nghip c b p bi s m rng
shifts
from
Therefore,
one
field
attention
to
to
another. nhng ngnh khc khi nhu cu chuyn

particular t lnh vc ny sang lnh vc khc. Do
industries can never explain booms or , vic ch n cc ngnh cng nghip

depressions
in
general
business c th khng bao gi l gii s bng n
hay suy thoi trong kinh doanh ni
77
especially in a multi-industry country like chung, c bit mt t nc a ngnh

the United States. It is, for example, cng nghip nh Hoa K. V d, tht
irrelevant
whether
or
not
the khng ph hp khi ngnh cng nghip
construction industry experiences a long xy dng tri qua mt chu k di hai

mi nm c l.
cycle of twenty-odd years.

SCHUMPETERS BUSINESS CYCLE
HC THUYT CHU K KINH T
THEORY
CA SCHUMPETER
Joseph Schumpeters
cycle
theory is
notable for being the only doctrine, apart

from the Austrian, to be grounded on, and
integrated with, general economic theory.
Unfortunately,
it
was grounded on
Walrasian, rather than Austrian, general

economics, and was thus doomed from the
start.
Bn cnh hc thuyt theo trng phi

o, hc thuyt chu k ca Joseph
Schumpeter gy c s ch v l hc
thuyt duy nht c xy dng v tch
hp vi l thuyt kinh t chung. Tuy
nhin, hc thuyt ny li c xy dng
trn nn tng ca hc thuyt Walras, thay
v hc thuyt o, kinh t hc chung, v
b bc b ngay t khi bt u.
The unique Schumpeterian element in

discussing equilibrium is his postulate of
a zero rate of interest. Schumpeter, like
Hansen, discards consumer tastes as an
active element and also dispenses with
new resources. With time preference
ignored, interest rate becomes zero in
equilibrium, and its positive value in the
real world becomes solely a reflection of
positive profits, which in turn are due to
the only possible element of change
remaining: technological innovations.
Yu t duy nht trong hc thuyt ca

Schumpeter khi bn v trng thi cn
bng l tin ca tc gi v t l li sut
zero. Schumpeter, cng nh Hansen,
loi b yu t th hiu ca ngi tiu
dng vi vai tr l yu t tch cc v
cng phn tn ngun lc mi. Cng vi
vic b qua u tin v thi gian, li sut
bng khng trng thi cn bng, v gi
tr dng trn thc t s ch phn nh li
nhun dng, m iu ny l do yu t
thay i duy nht cn li: i mi cng
ngh.
78
These
innovations
are
financed,
Schumpeter maintains, by bank credit

expansion, and thus Schumpeter at least
concedes the vital link of bank credit
expansion in generating the boom and
depression, although he pays it little
actual attention. Innovations cluster in
some specific industry, and this generates
the boom.
Schumpeter cho rng nhng i mi

c cp vn t vic m rng quy m tn
dng ngn hng. Do Schumpeter t
nhiu tha nhn mi quan h mt thit
gia m rng tn dng ngn hng vi
vic to ra bng n hay suy thoi, mc d
ng hu nh khng thc s quan tm ti
n. Chui i mi trong ngnh cng
nghip no thng to ra bng n
kinh t.
The boom
ends
innovatory
Bng n kinh t kt thc khi cc khon
investments
exhaust themselves, and
u t cho i mi cn kit v kt qu
their resulting increased output pours
sn lng u ra tng t h qu trc
forth on the market to disrupt the older
s thc y th trng lm cho cc cng
firms and industries. The ending of the
ty v cc ngnh cng nghip trc y b
cluster,
by the sudden
gin on. Do vy, hi kt ca chui sai
difficulties faced by the old firms, and a
lm km theo nhng kh khn bt ng
generally increased risk of failure, bring
m cc cng ty c phi i mt, v nguy
about the depression, which ends as the
c tht bi tng dn n suy thoi, v
old
cui cng l nhng doanh nghip c v
as the
accompanied
and
new
firms
finally
adapt
mi phi thch nghi vi tnh hnh mi.
themselves to the new situation.

There
are
several
fallacies
in
this
approach:
lp lun sau:
1. There is no explanation offered on

the lack of accurate forecasting by both
the old and new firms. Why were not
the
difficulties
Theo hng tip cn ny, c mt s li
expected
and
discounted?
1. Cha a ra c li gii thch no v

vic thiu cc d bo chnh xc ca cc
cng ty c v mi. Ti sao cc kh khn
khng c lng trc v gim thiu?
2. In reality, it may take a long time
2. Trn thc t, c th mt mt thi gian
for a cluster of innovations in a new
di pht trin hng lot nhng i mi
industry to develop, and yet it may take
trong mt ngnh cng nghip mi, nhng
a relatively short time for the output of
cng c th mt mt thi gian tng i
that industry to increase as a result of
ngn tng kt qu ca nhng i mi.
79
the innovations. Yet the theory must
Tuy nhin, l thuyt phi cho rng sn
assume that output increases after the
lng tng ln sau khi lot i mi c
cluster has done its work; otherwise,
thc hin, nu khng th s chng c
there is no boom nor bust.
cuc bng n hay suy thoi kinh t no.
3. As we have seen above, time
3. Nh chng ta thy trn, vic u
preferences and interest are ignored, and
tin v thi gian v t l li sut b b
also ignored is the fact that saving and
qua, v s tht l tit kim, ch khng
not technology is the factor limiting
phi cng ngh l yu t lm hn ch u
investment.
investment
t. Do , u t c cp vn t tn
financed by bank credit need not be
dng ngn hng khng cn chuyn hng
directed into innovations, but can also
vo nhng i mi, nhng c th cp vn
finance greater investment in already
u t ln hn trong cc qu trnh
known processes.
din ra.
Hence,
4. The theory postulates a periodic
4. L thuyt mc nhin cng nhn chui
cluster of innovations in the boom
i mi theo giai on trong cc thi k
periods. But there is no
reasoning
bng n kinh t. Nhng khng c l l
advanced to account for such an odd
thuyt phc no gii thch cc chui
cluster. On the contrary, innovations,
nh l c. Ngc li, nhng i mi, tin
technological
place
b cng ngh, din ra lin tc, v hu
continually, and in most, not just a few,
ht ch khng phi ch mt vi cng ty.
firms. A cluster of innovations implies,
Hn na, chui i mi nhn mnh
furthermore,
of
chui kh nng doanh nghip theo giai
this
on, v gi thit ny khng c m
assumption is clearly unwarranted. And
bo r rng. Theo xu hng, i mi l
insofar
as innovation is a regular
mt hot ng nghin cu v pht trin
business
procedure of research and
kinh doanh thng xuyn, tin thu c
development, rents from innovations
t i mi s tnh dn vo phng nghin
will
and
cu v pht trin ca cc cng ty, ch
firms,
khng phi l li nhun ca doanh
advance,
entrepreneurial
accrue
development
take
periodic
ability,
to
the
cluster
and
research
departments
of
rather than as entrepreneurial profits.

5.
Schumpeters
view
nghip.
of
5.
Quan
im
kinh
doanh
ca
entrepreneurshipusually acclaimed as
Schumpeter thng c ca ngi nh l
his greatest contributionis extremely
ng gp ln nht ca ng, thc s v
narrow
and
one-sided.
He
sees cng nng cn v phin din. ng coi

80
entrepreneurship as solely the making

of innovations, setting up new firms to
innovate, etc. Actually, entrepreneurs
are
continually
at
work,
always
adjusting to uncertain future demand

and supply conditions, including the
effects of innovations.
hot ng doanh nghip n thun ch l

vic to ra nhng i mi, thnh lp
doanh nghip mi i mi, vv. Thc
ra, cc doanh nhn phi lin tc lm vic,
lun lun iu chnh thch ng vi cc
iu kin cung cu khng chc chn
trong tng lai bao gm c nhng nh
hng ca i mi.
SELF-REFLECTION
1. Nguyen Thi Thanh Huyen

81
Being the undergraduates, it is crucial for me to complete the graduation project paper
(GPP), which reflects my four years long learning at School of Foreign Language
Hanoi University of Science and Technology. The seemingly brand-new subject gives
me a great chance to strengthen and improve effectively cross-curriculum learning,
simultaneously, consolidate my essential knowledge and translation skills, especially
the field of Economics and Business I am keen on.
In addition to achievements, however, there always remain the difficulties that we have
faced up with during the process of completing the paper. Our motivations to choose the
Economics & Business translation came from our own general interest. Until we began
our project did we realize our topics complexity, and the fact that there would have a
plenty of work for us to carry out. In the beginning, my group seemed confused about
the steps of doing the project and the source document. Under our supervisors
guidance, we are encouraged to read and search information from books, theses, and the
Internet in order to have a comprehensive understanding and in-depth investigation of
our subject. Being the group leader, I tried my best to build a clear and equal project
plan for each member of our group, and make the detailed outline for each chapter
throughout the undertaken project progress. Besides, I also managed to complete the
assigned tasks, simultaneously, I made efforts to help my members edit their parts,
collect data, and gather the information at every stage to get the project done.
Many problems have been tackled apparently when we create a Facebook page for our
four members including our supervisor. This page is an effective tool that has allowed
us to update our supervisors notices and task assignments, as well as to deal with the
difficulties encountered more easily when we could not meet face to face.
Moreover, I have had a chance to work with the teammates who have made effective
contribution to this project with enthusiasm, collaboration and responsibility.
Teamwork, indeed, is a crucial skill for success that we have experienced, managed and
made greatest efforts together to overcome all the problems, and finally accomplish
successfully our GPP.
More importantly, with deep sense of gratitude I would like to express my wholehearted thanks to my supervisor, Mrs. Nguyen Kim Chi, for her constant support,
encouragement and dedication she has devoted to give us invaluable guidance and
advice, respond promptly queries, and carefully edit our writings throughout the project.
82
I found the completion of this GPP really beneficial and helpful to me. Thanks to this,
not only my language skills, but also other soft skills such as presentation, critical
thinking, teamwork, problem solving, and time management were considerably
improved. Now that I feel more confident in building a research proposal, conducting a
project and shaping plans for my future.
2. V Th Hng
Over the last semester of doing the graduation paper, I believe that I have experienced
lots of hardships and joys. Firstly, regarding the difficulties, both my teammates and I
did not have deep knowledge about translation theory, so we felt very confused and did
not know how to begin. After several times of going to library and reading some
83
previous graduation papers, I gained more useful knowledge that helped me become
more confident to carry out my work. Besides, I also met difficulty in the process of
translating the source text into Vietnamese because it has had many new and unfamiliar
concepts as well as complex terminologies. Luckily, after the first draft of translation
product, our supervisor has helped us solve our problems by pointing out our mistakes
and finally we could produce the better version.
In addition, despite the difficulties, I have gained many valuable things from my
supervisor as well as my teammates. When working in a team, my teamwork skills were
greatly enhanced. I have learnt various ways to search information from the Internet
more effectively. Furthermore, my computer skills were also improved. More
importantly, with the support of my supervisor, everything became easier.
Although our study is not perfect, it is the product of our continuous efforts through this
semester. Finally, I am really grateful for my supervisor who has instructed us
meticulously with all her enthusiasm to show our good and bad points and what we
need to improve and promote. I want to give my sincere thanks to all my teammates
who have been along with me during the last journey I have had at university.
3. Nguyn Th Xuyn
This semester seemed to pass so quickly to me. I have realized many valuable things.
Seriously, this semester helped me build my friendship and knowledge. At first, I
thought I had some experience working with translation skills in previous semesters, so
I felt that I was very confident. However, everything seemed different from what I had
expected when I first met my teammates and my supervisor. The workload that we
84
would have to fulfill before our GPP was completed was so huge that I knew I had to be
much more serious during the time of doing my graduation paper.
Luckily, I had chance to work with enthusiastic and responsible team. They showed me
what I should do and how to do it for better results. They helped me figure out several
unfamiliar concepts as well as complex meaning when I did the translation. In
particular, Ms. Huyen has helped me correct grammar mistakes and wrong uses of
words in writing. Now I become more confident with my writing skills. In cross
checking, Ms. Huong has also helped me to find out some awkward use of words in
Vietnamese. From my bottom of my heat, I would like to express my thanks to my
supervisor. Although she was very busy with her work at School, she spent much of her
time giving consultation to us. Honestly, we were very lucky when we had her as our
supervisor.
About friendship, thanks to this teamwork I had chance to understand more about my
friends who I did not know before. Indeed, when I worked with them, shared ideas with
them, I felt I could get on well with them. The more we talked, the more we enjoyed
working together and the more we felt we loved each other. Finally, I believe I am the
lucky person who has achieved a lot in this semester. No word could describe all what I
want to say to my dearest friends.
85

Mrs. KC - S GPP

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Mrs. KC - S GPP

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CHAPTER 1

The introductory chapter presents the rationale, objectives, scope, and

1. RATIONALE OF THE PROJECT

Chapter 1: Introduction presents an overview of the graduation project paper and

The chapter provides theoretical concepts in noun phrases and passive

THE THEORY OF TRANSLATION

1.2. Technical translation

THE DEFINITION AND STRUCTURES OF NOUN PHRASES

THE DEFINITION AND FUNCTIONS OF PASSIVES

People do not want to talk about who does the action.

STRATEGIES FOR DEALING WITH GRAMMATICAL STRUCTURES

4.1. Strategies in noun phrases translation

Change of a SL noun/verb to a TL noun/word and so forth.

(iv)Literal translation is conceivable in grammar, but it makes no sense in meaning

Vietnamese: (i) A c + ng t (bi B) (positive meaning)

1. PRE-TRANSLATION ANALYSIS OF THE SOURCE DOCUMENT

Overproduction, Underconsumption, The Acceleration Principle, Dearth of Investment

noticeable linguistic phenomenon due to their high frequency of occurrence.

Strategies for dealing with noun phrases (NPs)

Table 1: Distribution of noun phrases

Table 2: Frequency of noun phrases translation strategies

Figure 1: Frequency of the strategies dealing with noun phrases

Pre-modifier + Head Noun + Prepositional Phrase

Literal and Omission

Shift and Omission

Table 3: Frequency of the combined translation strategies

Literal and Omission

To illustrate this strategy, a NP of this type is taken as an example:

Similarly, in the example production of consumer goods (Appendix A_No.154), instead

Shift and Omission

Figure 2: Frequency of the strategies dealing with passive voice

2.2.1. Strategies for transferring English passive sentences into Vietnamese

Transferring with expressed agents

An example is taken from Appendix B to illustrate this strategy:

Transferring without agents

Vietnamese: (i) A c + ng t (bi B) (positive meaning)

modifiers are mainly transferred into Vietnamese by shift methods (approximately

Byrne, J. (2006). Technical Translation: Usability Strategies for Translating Technical

Rodney, H. (2002). The Cambridge Grammar of the English Language. Cambridge

1. NOUN PHRASES WITH ADJECTIVES AND NOUNS AS PRE-MODIFIERS

B quyt kinh doanh ca

Mong mun v kinh t

Gross national product

Tng sn phm quc ni

L thuyt Sn xut d tha

Thanh ton bnh ng

Hng tn kho d tha

A fixed capital-output ratio

Aggregate present and future

Tng tiu th hin ti v

Aggregate saving and investment

Tng tit kim v u t

American Civil War

Anglo-American economic theory

Hc thuyt kinh t Anh-M

Bank credit expansion

M rng tn dng ngn hng

Hin tng rt tin ngn hng

H thng ngn hng

Lm pht kinh doanh

Hot ng kinh doanh

Bin nin s kinh doanh

Khng hong kinh doanh