资源描述:
《The hazard of moral hazard intervention to save the economy may be endangering it【外文翻译】》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、原文:ThehazardofmoralhazardinterventiontosavetheeconomymaybeendangeringitByJamesK.GlassmanWhensomeoneinsuresyouagainsttheconsequencesofanastyevent,oddlyenough,beraisestheincentivesforyoutobehaveinawaythatwillcausetheevent.Soifyourdiamondringisinsuredfor$50,
2、000,youaremorelikelytoleaveitoutofthesafe.Economistscallthisphenomenon"moralhazard,"andifyoulookaround,youwillseeiteverywhere."Withautomobilecollisioninsurance,forexample,oneismorelikelytoventureforthonanicynight,"writesHarvardeconomistRichardZeckhauser.'
3、FederaldepositinsurancemadeS&Lsmorewillingtotakeonriskyloans.Federallysubsidizedfloodinsuranceencouragescitizenstobuildhomesonfloodplains."In1963theNobelPrizewinnerKennethArrow,whohappenstobetheuncleofPresidentObama'stopeconomicadviser,LarrySummers,wrotea
4、paperfortheAmericanEconomicReviewtitled"UncertaintyandtheEconomicsofMedicalCare."Arrowarguedstrenuouslyforvastlyincreasinghealthinsurance,evenifthegovernmentbadtosupplysomeofit,buthealsorecognizedthedangersofmoralhazardthathealthinsurancecauses.Theidealca
5、seforinsurance.Arrowwrote,is"thattheeventagainstwhichinsuranceistakenbeoutofthecontroloftheindividual"whoisinsured—like,say,insuranceagainstdamagefromameteorcrashingintoyourhouse.Inhealthcare,peoplewhoareinsured(especiallyifthepremiumsarebeingpaidbytheire
6、mployers)havegreaterincentivestorisktheirhealthby,forexample,smokingthantheywouldiftheyhadtopaythebillfortheirlung-cancertreatmentthemselves.Themostdangerouskindofmoralhazardisproducednotfromexplicitinsurancepolicies(onwhich;afterall,theinsurercanraisepre
7、miums)butfromimplicitones.Ifyourteenagerthinksyouwillbailhimoutofjailorfixitwiththejudgeifhegetsarrested,thenhewillbemoreapttodrivedrunk.Morebroadly,inthejargonofAlcoholicsAnonymous,yourbehaviorwouldbecalled"enabling."Byrescuinganalcoholicfromtheconsequen
8、cesofhisactions,youareencouraginghimtodrinkbecausehefiguresyouwillrescuehimthenexttime.Overthepastthreedecades,theworldhasbeenawashinjustthiskindofmoralhazard,asgovernmentshavebecomemoreadeptateconomicrescueandaspra