En el artículo, los autores explican, entre varias lecciones, los errores que llevaron a la crisis, las razones por las cuales se creó una burbuja especulativa en el sector de la vivienda y los incentivos perversos del marco regulatorio. Los autores nos recuerdan que la crisis que se manifestó en el 2008 se originó varios años atrás y fue la culminación de una serie de errores de política pública.
Aquí la introducción:
The man who parties like there is no tomorrow puts his body through an “up” and a “down” course that looks a lot like the business cycle. At the party, the man freely imbibes. He has a great time before stumbling home at 2:00 a.m., where he crashes on the sofa. A few hours later, he awakens in the grip of the dreaded hangover. He then has a choice to make: get a short-term lift from another drink or sober up. If he chooses the latter and endures a few hours of discomfort, he can recover. In any event, no one would say the hangover is when the harm is done; the harm was done the night before and the hangover is the evidence.
The Great Recession (or the Great Hangover) that began in 2008 did not have to happen. Its causes and consequences are not mysterious. Indeed, this particular and very painful episode affirms what the best nonpartisan economists have tried to tell our politicians and policy-makers for decades, namely, that the more they try to inflate and direct the economy, the more damage the rest of us will suffer sooner or later. Hindsight is always 20-20, but in this instance, good old-fashioned common sense would have provided all the foresight needed to avoid the mess we’re in...
Aquí el texto completo.
...
No hay comentarios:
Publicar un comentario