Finance and Economics 财经 Free exchange: Manias, panics and ICOs 自由交流:疯狂,恐慌和ICO Crypto-coin mania illustrates the crazy and not-so-crazy sides of bubbles. 加密货币狂热诠释了泡沫的疯狂一面和不那么疯狂的一...
Debt is used to finance the purchase of assets, and the greater availability of credit pushes asset prices higher. 债务被用来资助资产购买,而且债务的可得性的增大也把资产价格推得更高。 From time to time, however, lend...
Finance and Economics 财经 Buttonwood: When the cycle turns 梧桐树专栏:周期轮回 The next financial crisis may be triggered by central banks. 下一场金融危机或被央行触发。 As with London buses, don't worry if you miss a finan...
Nothing makes individuals more willing to take risks than the sight of other people getting rich. 没有什么能比眼看着别人发财致富而让个人更愿意承担风险了。 But bitcoin is also different from ICOs. 但是,比特币也不同于...
Finance and Economics 财经 Buttonwood: Investor Caution Obligatory 梧桐树专栏:投资者,谨慎责无旁贷 A new craze attracts the attention of regulators 一场新的狂热引起监管者的关注 Here is the deal. 有这样一笔买卖。...
Recent research is less definitive. 近来的研究少了一些确定性。 Franois Geerolf of the University of California, Los Angeles believes that Japan suffers from dynamic inefficiency. 洛杉矶加州大学的弗朗索瓦吉奥尔夫认为,日...
A third, more anarchic way to transfer resources from young to old is a speculative bubble. 第三种、同时也是更为无序地将资源从年轻人转移到老年人的方式是投机泡沫。 In a bubble, people pay over the odds for an asset,...
A second consideration is demography. 第二个考虑是人口。 A growing population creates a natural pyramid scheme. 不断增长的人口创造出一个天然的金字塔式的骗局。 Each cohort of participants will receive the money contribu...
Samuelson's paper was seminal but not wholly original. 萨缪尔森的论文是开创性的,但不是完全原创的。 A similar model was described in 1947 by Maurice Allais, then working in a bureau of mining statistics in Paris, but his contrib...
America's Social Security, for example, is largely pay-as-you-go. 例如,美国的社会保险制度(Social Security)就是一个大型的现收现付制度。 For this reason, its critics often compare it to a Ponzi scheme in order to discredi...