解决循环经济的约束：作为无息货币架构的本金回报率
Resolving the Binding Constraint on Circular Economy: Principal Return Rate as Interest-Free Monetary Architecture
AI总结：
研究循环经济发展受限问题，指出货币架构是关键。提出本金回报率机制，可填补货币控制功能缺口，控制通胀且避免成本推动问题。
摘要：
通过循环经济实现绿色增长是应对生态崩溃的主要制度性对策。但其不足是结构性的。六个学术传统都认为利息是关键问题。本文引入本金回报率（PRR）机制来填补货币控制功能缺口，还提出正时间偏好部分内生于有息系统的假说。
英文摘要：
Green growth through circular economy is the dominant institutional response to ecological breakdown. Yet its insufficiency is structural: material flow arithmetic prevents loop closing at scale in a growing economy, thermodynamic constraints make completely closed loops physically infeasible, and circular material flows account for only 1.4% of global GDP while CE-principled service activities generate around two thirds of GDP without arresting ecological overshoot. The binding constraint lies not in production organisation but in the monetary architecture that structurally compels throughput expansion regardless of how production is organised. Six independent scholarly traditions, from ecological economics and post-Keynesian monetary theory to the historical critique of usury, have converged on interest as the central structural problem in any economy that does not require perpetual growth. Yet no existing proposal has specified a technically coherent mechanism to replace the monetary control function that interest currently performs, a gap unfilled across nine decades of sovereign money proposals. This article introduces the Principal Return Rate (PRR) as that mechanism. The PRR replaces interest not as a cost of credit but as a rate of return instrument: sovereign money, anchored to productive demand, is returned to central bank reserves at rates determined by the PRR. Inflation is controlled through central bank PRR adjustment, analogous to interest rate policy but acting on return velocity rather than borrowing cost, without the cost-push channel that interest itself generates. The PRR system closes the functional design gap open for nine decades. The article also introduces the hypothesis that positive time preference is partially endogenous to the interest-bearing system, generated by the inflation interest produces, making its conventional justification partially circular.
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