Graduation ceremony.

美国的教育泡沫

旧金山—政府的一个基本职能是推进重要公共品的供给。但是,如果处理不当,对重大社会目标的追求可能导致不幸的经济和金融后果,有时甚至带来系统性破坏,受影响的将不只是目标本身。

十年前美国就发生过这样的事——扩大住房所有权的政策。更近一些有中国——股市扩容政策。如今,美国可能再次发生这样的事——这次是改善高等教育融资的措施。

在第一个例子中,美国政府急切地支持让按揭更廉价、更便利的措施,包括创造各种“有毒”贷款载体。这一方法起到了效果,但效果有些太好了。债务驱动的需求抬高了房地产价格,而银行更愿意贷款导致许多人买了根本负担不起的房子。洗后泡沫破裂,成为2008年全球金融危机的重要原因,也几乎让世界经济陷入多年萧条。

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