The banking system we take for granted is unfixable. The good news is that we no longer need to rely on any private, rent-seeking, socially destabilizing network of banks, at least not the way we have so far.
shows why the current private system is unfixable – and why we don’t need to tolerate it anymore.
Like Vladimir Putin, China's leader is so steeped in a narrative of victimhood and fearful of appearing weak that it is hard to imagine him ever leading China out of the mess he has created. He could well be remembered as the leader who squandered history's most remarkable economic success story.
about the country's increasingly worrisome trajectory, both at home and abroad.
Artificial IdiocyFrank Rumpenhorst/picture alliance via Getty Images
发自剑桥——知识是实现经济繁荣的关键。技术、创新和技术诀窍都来自于学习一些生产丰富我们身心的商品和服务的新方法。知识也是典型的“公共产品”:新想法可以使所有人受益;除非政府或垄断机构限制其传播,否则再怎么使用不会减少可用性。这对穷国尤为重要,因为这意味着它们不必重新发明车轮,而是可以简单采用较富裕国家创造的技术和方法来推动自身经济发展。
虽然经济学家和政策制定者们长期以来一直赞赏知识的经济重要性,但他们却未能充分注意到使知识发挥作用的条件。应有的背景很重要:想法产生的条件与应用环境的特殊性之间的任何不匹配都会大大降低所获知识的价值。
比如说世界各地都有种植玉米,但该作物会因应当地生态环境而受到不同环境威胁。由于研究和开发工作自然而然地集中在开发北美和欧洲最常见害虫的抗性方面,因此数以千计的生物技术专利都是针对欧洲玉米害虫的,而针对主要影响撒哈拉以南非洲的玉米茎螟的特殊创新专利却只有五个。
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