Artificial credit expansion — credit not funded by savings — creates the business cycle by spawning capital malinvestment.
虚假的信贷膨胀——不是蓄创出的信贷——了大量资本的错误投资而导致了商业周期。
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He believed that boom-time malinvestments were responsible for the subsequent bust, much as binge-drinking is responsible for the next morning's hangover.
哈耶克对商业周期波动起伏颇为关注,对学生讲解时口音浓重,因此他的学生戏称这位奥地利籍的教授为“波动先生”。他认为繁荣时期的不良资将导致日后破产,这好比饮酒作乐会引起第二天早上的宿醉不适。
They are what Hayek would call " malinvestments" , investments in capacity that no one is willing to pay for or wait for.
中国当局现在终于承认那些通常是显而易见的事:项目根本不会带来足够的收益来偿还债权人。云南和其他地方已出现拖欠现象。有些项目会半途而废。这些就是哈耶克所说的“不良资”,即没人愿意偿还或者等待的资。
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