Tham khảo tài liệu 'a failure of capitalism: the crisis of '08 and the descent into depression_10', tài chính - ngân hàng, ngân hàng - tín dụng phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | A Silver Lining financial crisis. But the bulk of any feasible augmentation of tax revenues will have to be devoted to paying down the depression-enhanced national debt leaving little for other public needs. So our government probably will remain pretty small by international standards. By increasing unemployment a depression increases the demand for education. It does this by reducing opportunity cost forgone income is the largest cost of higher education to a student. Education produces benefits for the entire society. Educated people are more productive than uneducated ones yet cannot capture the entire product of their efforts in the form of a higher income. For example a patent expires after twenty years allowing the patented product or process to be used by anybody without compensation to the inventor. It might seem that a depression would also reduce the income gains from being educated and so the incentive to become educated. But as those gains accrue over a lifetime they are little affected by a depression during a person s school years. A depression is a learning experience. The banking industry has certainly learned a great deal from the current financial crisis about the risks of leverage and the downside of complex financial instru 227 A Failure of Capitalism ments intended to reduce the risk of default more cheaply than by traditional means means such as having extra-large reserves to buffer any unexpected decline in a banks loan revenues . The public has been taught a lesson about the dangers of speculating on housing prices and investing the rest of ones savings in the stock market where they are at risk. History suggests however that such lessons are quickly forgotten. There is therefore merit in a suggestion by the finance theorist Luigi Zingales that a high-level ad hoc committee public or private be appointed to conduct a thoroughgoing Warren Commission or 9 11 Commission type of inquiry into the management of the economy over the past decade .
