Mr. Rajan Was Unpopular (But Prescient) at Greenspan Party

To outline his fears about the U.S. economy, Raghuram Rajan picked a tough crowd.It was August 2005, at an annual gathering of high-powered economists at Jackson Hole, Wyo. -- and that year they were honoring Alan Greenspan. Mr. Greenspan, a giant of 20th-century economic policy, was about to retire as Federal Reserve chairman after presiding over a historic period of economic growth.Mr. Rajan, a professor at the University of Chicago's Booth Graduate School of Business, chose that moment to deliver a paper called "Has Financial Development Made the World Riskier?"His answer: Yes.

自由市场的作用在理论上都已经被证明为不完美，更别说在实务界。University of Chicago's Booth Graduate School of Business，大家知道是自由市场的卫道士，rajan 先生的勇气值得褒奖。信用和委托代理关系、信息不对称、交易成本等因素导致市场的系统风险，不完美。