First, there are economic laws like there are physical laws and, as with physical laws, economic laws do not yield to political will. The financial crisis, the great recession and sharp increases in inequality have all properly led to a negative reassessment of the functionality of unfettered free markets. It does not follow, however, that governments can bring about economic outcomes they prefer by fiat. Greece’s problems, of course, relate to the failings of Greek economic policy. But it should come as no surprise that a fiscal contraction in excess of 20 per cent of gross domestic product in an economy that does not have the freedom to loosen monetary policy or to de-value its 挀甀爀爀攀渀挀礀 leads to depression, even if policymakers wish otherwise.
有句话说得好,你可能欺骗所有人一时,也可能欺骗一些人一世,却不可能欺骗所有人一世。同理,市场可能会失去效率,导致价格与基本价值背离,市场也可能有时会受制于政府操纵。然而,只有不明智的政府才会以为它能够始终把投机性的价格维持在政治适宜的水平上。中国政府可能很快就会发现这一点。
Famously, while you can fool all of the people some of the time and some of the people all of the time, you cannot fool all of the people all of the time. In the same way, markets may well be inefficient and diverge from fundamental value, and they may well be subject to government manipulation for significant intervals, but it is a foolish government that supposes it can indefinitely maintain speculative prices at politically convenient levels, as the Chinese authorities may soon discover.
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