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5
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6
[ ]
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[email protected]
10
11
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12
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13
:
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( )
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14
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15
.
.(mind maps)
.
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(
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16
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18
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19
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20
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:
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:
.(
.
.
) (
-
:
) (
.
. Wilson (1997) The Moral Sense, pp. 135-136
.
/
) ( )
21
.
.
(Immanuel Kant)
(categorical imperative) “
”
.
(fallacy of composition)
tragedy of ) “
”
.
:
“
”
“Act only in accordance with that maxim through which you can at the same time will that it become a universal law.”
Stanford Encyclopedia of Philosophy, “Kant’s Moral Philosophy,” plato.stanford.edu :
22
.(the commons
.
.
.
(social dilemmas) “
free ) “
”
”
.(prisoner’s dilemma) “
”
.
(rider
.
.
.
.
:
(individual rationality)
.(social rationality)
.
.
.
.
Kollock (1998)
23
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:
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24
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25
(
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26
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27
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28
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29
[ ]
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30
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( -
.
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-
:
)
:
(
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(safety net)
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31
.
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.(
32
)
(
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.
:
Graham Tunrer (2008); and Raghuram Rajan (2010) :
33
.
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:
.“
”
.
.
.
.(
34
)
.
:
.
.
(fallacy of composition)
.
.
:
.
.(social rationality)
(individual rationality)
:
.
.
.
(liquidity trap)
.
.
(hoarding)
.(debt defaltion)
.
.
35
/
:
.
.
.
%
.
.
.
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.
(diversified)
. -
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36
.(
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)
(
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:
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37
.
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38
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.
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.
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39
. - /
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40
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41
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42
/
(inverted debt pyramid)
.
(
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(
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(
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%
%
%
%
%
(GDP)
%
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(
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(
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www.federalreserve.gov, www.bea.gov :
%
.
.
43
%
.
.
.
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:
.
.(
)
.(
.(
)
:
(inherently unstable)
.
.
%
.
%
.
intertemporal budget )
.
(constraint
.
(Ponzi financing)
Hyman Minsky (1986)
.http://europa.eu :
44
.
.
.
(usury laws
.
)
%
%
.
.
.
.
.
.
.
.
.
.
.
.
(usury laws)
.Balanchard and Fishcer (1989) :
. www.treasurydirect.gov :
Benmelech and Moskowitz (2010) :
45
.
.
(
.
.
.
.
.
.
.
%
.
.
.
46
)
.
.
.
(
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.
(subordinate)
.
(propagate)
.
.
.
.
.
.
(
)
.
.
.
.
(normative)
.
(subordinate)
(positive)
.
.
Toporowski (2005)
47
-
:
.
.
.
)
(
)
.
.
(
.
”:
.
“
.
(gains from trade)
.
.
.
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.
.
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.Joseph Stilgitz (2010) :
”
.
48
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(uni-dimensional)
(multi-dimensional)
50
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/
51
.
-
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:
(Herman Daly)
.
.
.
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.
.
.
.
.
.
.
.
(
)
.
.
Herman Daly (1996), p. 179: “people cannot live off the interest of their mutual indebtedness”
Frederick Soddy (1933), p. 87 :
52
.
.
.
.
.
.
.
.
.
.
.
.
:
(
-
)
.
)
“
.
”
.Stephen Hawking (1996), ch. 2 :
.
.
/
.
:
.
. Frederick Soddy (1934), pp. 177-178
. Maurice Allais (1972) :
.
. Maurice Allais (1974) :
53
.
.(
)
(
-
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:
.(
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54
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55
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.
.
:
.
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.
.
( )
.
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.
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.
.
/
/
-
56
/
.Joseph Stiglitz and Bruce Greenwald (2003)
:
.
.
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:
”:
.
:
.“
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(
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(
“
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57
(
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(
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.
. /
58
.“
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.
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.
:
.
:
59
.
(fungible)
.
.
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.
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.
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.
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.
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60
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.(
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61
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62
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63
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.
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.
64
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65
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66
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.
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.
67
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.
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(
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. /
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68
)
.
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.
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.
.
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.
.“
.
(
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.“
69
.(
”:
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70
- /
.
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.“
. /
”:
71
.
-
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/
:
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.
.
.
.
.
.
.
.
.
.
.
72
-
(
)
.
.
.
.
73
[ ]
.
“
”
.
.
.
.
.
.
.
.
.
.
.“
74
”
.
.
-
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.
“
”:
.
.
.
.
.
.
.
.
.
:
.( -
)
.
.
.
“
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”:
.“
.
:
.
.(
75
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)
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
:
.
.
. -
76
-
:
:
:
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...
.
:
..
.“
:
.
:
.
:
( )
.
”:
“
”:
.“
.
.
.“
”:
ex )
.
.
.
(ante
.
.
77
.
-
/
.
.
(expected utility)
(lottery
)
.
.
.
(median
)
.
( )
“
”
.
“
”:
.
:
.
.
:
.
.
.
.
. -
78
.
.
.
.(backward induction) “
”:
.
.
:
.
.
”
.
:
.
.
:
.
.“
( )
( ):
:
.(
.
)
.
:
. /
Dixit and Nalebuff (1991), pp. 31-35 .
.
79
.
.
.
(
)
.
.
:
.
:
(
”
)
.
...
.
.“
(
...
)
.
.
.
.
).
.(
“
.
/
“
/
”
”:
:
. /
. /
80
.
.
.
.
.
.
.
.
.
.(zero-sum trade)
:
:
.
.
.
.
.
.
.
81
(
)
(+ +)
(– – )
(
)
(+ –)
(– +)
(
)
(– +)
(+ +)
82
.
.
.
.
.
.
:
.
:
.
:
( )
(+)
.
.
.
.
.
:
.
83
:
.
(+)
.
.
(
( )
)
(– +)
(+ –)
.
.
:
.
.
.
.
.
.
.
.
84
.
%
.
.
).
.(
:
)
.
.
(
.
.“
”
“
”
.
.
.
.
85
.
.
.
.
.
.
:
.
:
.
:
.
.
”:
.
86
.“
”
.“
.
.
)
.
.
(
.
.
.
.
.
.
.
.
.
. / :
87
. /
. /
.
.
(
)
(
)
.
.
.
.(
)
.
“
”
.
.
”:
.“
(
.
)
”:
.(
.(
88
)
)
.
.“
:
”:
“
”:
.“
.
.
”:
.
.“
.
.
.
.
.
.
.
.
89
-
.(
)
(
)
.
“
”
)
.
(put option)
.
(
.
.
(call option)
.
.
.
.
(naked)
.
.(covered)
(side bet)
.
.
90
(
)
.
.
.
.
.
.
.
.
.
.
91
“
”
.(covered
)
.
.
:
.
.
.
.
= +
.
.
:
.
(
:
)
.
.
:
.
:
92
.
.
.
.
.
.
.
.
.
.
.
.
)
.(
.
. /
93
/
/
.
.
.
.
.
.
.
.
.
.
:
.
.
.
.
.
94
.
.
.
.
“
”
.
.
.
.
.
.
.
.(speculation)
.
.
.
.
.
95
-
.
.
“
”:
.
.
.
.
.
.
.
.
.
.
.
.
.
96
.
.
.
.
.
.
.
.
.
.
.
.
.
. -
:
97
.
98
[ ]
.
.
:
.
:
.(
)
.
.
.
:
”:
.“
.
.
.
.
.(
99
)
/
.
.
/
.
.
.
.
.
.
.
.
.
.
:
.
.
.
.
.
:
-
. /
/
.
.
/
:
.
.
(
.
.
100
-
/
.
:
)
.
.
.
.
.
.
.
.
.
.
.
:
.
.
:
.
(
)
.
.
Interest on debts grow without rain”; www.worldofquotes.com”
101
.
put )
.
.(call option)
(option
.
.
.
(covered)
(naked)
.
(side bet)
.
(
)
.
:
.
.
(
)
.
.
.(
)
:
.
.
102
165
%400 = 2007-1998
%56 =
48
2007
12
3
%112 =
(1 )
1.4
%25 =
.
103
.
0.1
.
.
.
.
.
:
.
.
.
.
.
.
.
104
.
hadith.al-islam.com
.www.alalbany.net :
.
:
“
“
.www.suwailem.net
.
“
“
.
.
“
.
“
“
“
”
http://hussein-hamed.com
”
.
”
”
”
”
”
. ”
.
.
:
. .
. .
.
.
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.
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.
105
.
.
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.
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.
. .
.
.
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. .
.
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.
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.
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. .
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.
106
.
. .
.
.
.
.
English Resources
Allais, Maurice (1972) “Forgetfulness and Interest,” Journal of Money, Credit and Banking, pp. 40-73.
Allais, Maurice (1974) “The Psychological Rate of Interest,” Journal of Money, Credit and Banking, pp. 285-331.
Benmelech, E. and T. Moskowitz (2010) “The Political Economy of Financial Regulation: Evidence from U.S. State Usury Laws in the 19th
Century,” Journal of Finance, June, pp. 1029-1073.
Blanchard, Olivier and Stanley Fischer (1989) Lectures in Macroeconomics, MIT Press.
CBO (2010) “Federal Debt and the Risk of a Fiscal Crisis,” Congressional Budget Office, July 27, www.cbo.gov.
Daly, Herman (1996) Beyond Growth: The Economics of Sustainable Development, Beacon Press.
Dixit, Avinash and Barry Nalebuff (1991) Thinking Strategically, W.W.Norton.
Hawking, Stephen (1996) A Brief History of Time, Bantam Books.
Kollock, P. (1998), “Social Dilemmas: The Anatomy of Cooperation”, Annual Review of Sociology, pp. 183-214.
Minsky, Hyman (1986) Stabilizing an Unstable Economy, Yale University Press.
Rajan, Raghuram (2010) Fault Lines : How Hidden Fractures Still Threaten the World Economy, Princeton University Press.
nd
Soddy, Frederick (1933) Wealth, Virtual Wealth, and Debt, 2 ed., E.P. Dutton & Co.
Soddy, Frederick (1934) The Role of Money, George Routledge & Sons.
Stiglitz, Joseph and Bruce Greenwald (2003) Towards a New Paradigm in Monetary Economics, Cambridge University Press.
Stilgitz, Joseph (2010) Freefall, W.W.Norton.
Toporowski, J. (2005) Theories of Financial Disturbance, Edward Elgar.
Tunrer, Graham (2008) The Credit Crunch, Pluto Press.
Wilson, J.Q. (1997) The Moral Sense, Free Press.
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