- Jeff Friedman on the causes of the crisis. Friedman argues that the Recourse Rule, an amendment in the US to Basel rules on bank capitalisation, provided banks with strong incentive to securitize their mortgage assets so as to be subject to lower capital requirements. An explanation I hadn't heard before, and plausible.
- Patri Friedman on public choice reasons for fiscal rather than monetary stimulus
- Patri Friedman: does decentralization lead to social regression?
Sunday 20 September 2009
Morning roundup: mostly Friedmans edition
Labels:
assorted links,
Krugman,
mechanical turk,
prohibition,
public choice
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