tailieunhanh - economics in one lesson the shortest and surest way to understand basic economics phần 3

Bởi vì B có một trang trại, A sẽ bị tước một trang trại. A có thể được ép hoặc vì lãi suất đã tăng lên như là một kết quả của các hoạt động của chính phủ, hoặc bởi vì giá cả nông sản đã bị buộc phải là một kết quả của họ, hoặc vì không có trang trại khác để có được trong khu phố của mình. | 36 ECONOMICS IN ONE LESSON of government credit will get their farms and tractors at the expense of what otherwise would have been the recipients of private credit. Because B has a farm A will be deprived of a farm. A may be squeezed out either because interest rates have gone up as a result of the government operations or because farm prices have been forced up as a result of them or because there is no other farm to be had in his neighborhood. In any case the net result of government credit has not been to increase the amount of wealth produced by the community but to reduce it because the available real capital consisting of actual farms tractors etc. has been placed in the hands of the less efficient borrowers rather than in the hands of the more efficient and trustworthy. 2 The case becomes even clearer if we turn from farming to other forms of business. The proposal is frequently made that the government ought to assume the risks that are too great for private industry. This means that bureaucrats should be permitted to take risks with the taxpayers money that no one is willing to take with his own. Such a policy would lead to evils of many different kinds. It would lead to favoritism to the making of loans to friends or in return for bribes. It would inevitably lead to scandals. It would lead to recriminations whenever the taxpayers money was thrown away on enterprises that failed. It would increase the demand for socialism for it would properly be asked if the government is going to CREDIT DIVERTS PRODUCTION 37 bear tbe risks why should it not also get the profits What justification could there possibly be in fact for asking the taxpayers to take the risks while permitting private capitalists to keep the profits This is precisely however as we shall later see what we already do in the case of nonrecourse government loans to farmers. But we shall pass over all these evils for the moment and concentrate on just one consequence of loans of this type. This is .