The hazard of moral hazard intervention to save the economy may be endangering it【外文翻译】

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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