Posted on Tuesday, March 31, 2009 at 11:59 pm

Gary Becker: Perhaps good reasons motivate the government to use this indirect way to subsidize banks rather than to give them the subsidy directly. However, it is a strange program indeed where banks get subsidized in proportion to how many “bad” assets they hold. This will make banks wish that they had made even greater […]


    Posted on Tuesday, March 31, 2009 at 11:19 pm


      Posted on Tuesday, March 31, 2009 at 9:45 pm

      哈耶克(F. A. Hayek)在美国受欢迎,曾接受过由多位顶级经济学家组成的团队的轮番采访,成员包括阿尔钦、布坎南和博克……

        Carl Menger: On the Origin of Money

        Posted on Sunday, March 29, 2009 at 12:22 am

        Carl Menger: [W]e can only come fully to understand the origin of money by learning to view the establishment of the social procedure, with which we are dealing, as the spontaneous outcome, the unpremeditated resultant, of particular, individual efforts of the members of a society, who have little by little worked their way to a […]


          Posted on Thursday, March 26, 2009 at 8:38 am


            Is the Bonus Tax Unconstitutional?

            Posted on Wednesday, March 25, 2009 at 10:32 pm

            Richard A. Epstein: The AIG bonuses were made pursuant to valid contracts entered into before the receipt of the bailout money. They were ratified in the legislation that provided for the bailout, and efforts to find loopholes in these contracts have proved unavailing. Thus any sensible system of limited government should consider the proposed bills […]

              Fisher on Debt-Deflation Theory

              Posted on Wednesday, March 25, 2009 at 9:31 pm

              Irving Fisher: [w]e may deduce the following chain of consequences in nine links: (1) Debt liquidation leads to distress selling and to (2) Contraction of deposit currency, as bank loans are paid off, and to a slowing down of velocity of circulation. This contraction of deposits and of their velocity, precipitated by distress selling, causes […]

                Posner: Are American CEOs Overpaid?

                Posted on Tuesday, March 24, 2009 at 10:22 am

                Richard A. Posner: Since the cost of debt to a firm is fixed, but its revenues vary with price and output, the smaller the firm’s equity cushion relative to its total assets, the greater the risk of failure. The financial crisis was precipitated by the fact that the risks taken by financial firms were highly […]


                  Posted on Thursday, March 19, 2009 at 8:41 pm



                    Posted on Thursday, March 19, 2009 at 8:18 pm