A conceptual framework – Imperfect Knowledge Economics – recently developed by a Center member, Roman Frydman, in collaboration with Michael Goldberg, shows how excessive swings in asset prices arise from market participants’ imperfect understanding of the future rewards of their decisions.
За их исправление можно заплатить дорогой ценой – падением деловой активности и дальнейшей потерей инноваций.