Macro Markets
Subtitle: Creating Institutions for Managing Society's Largest Economic Risks (Clarendon Lectures in Economics)
Publisher: Oxford University Press, USA
Published: May 29, 1998
Language: eng
Number of pages: 268
ISBN-13: 9780198294184
First sentence: Living standards are not fully insurable because of moral-hazard problems: if people or organizations knew that their incomes were guaranteed regardless of the amount of effort that they put in, then there would be a markedly reduced incentive to make efforts to maintain income.