- 程序有所改变。发帖如还有问题请报告
- 【征集】西西河的经济学,及清流措施,需要主动参与者,『稷下学宫』新认证方式,24年网站打算和努力目标
主题:【文摘】Keynes Would Have Seen -- 也要崛起
内中有一段:
“What was wrong was the theory. The price level is not a leading, but a lagging, indicator. Asset bubbles can coexist with a stable price level, even while the rest of the economy is starting to slide into depression. And this, in essence, is what Keynes believed was happening in the late 1920s. Money, he argued, was being switched from production to speculation. The rich were getting very much richer, while the incomes of the rest were stagnating. "Profit inflation," fueled by collateralized debt, coexisted with an "income deflation." Share prices were being driven up to dizzying heights even as farmers were finding it harder to service agricultural mortgages. Every financial crash is different in detail -- today's started in the banking system, not the stock market -- but the anatomy of all is surprisingly similar: A speculative frenzy, triggered by some technical innovation such as mortgage-backed securities, that collapses when reality -- in the form of more sober valuations -- kicks in.”