In my opinion, owning bonds and carrying credit card debt is a tremendous misallocation of capital.
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Moreover, growth that is too fast can create economic dislocations and the misallocation of resources.
Low rates are the root cause of the misallocation of resources that define the modern American economy.
But inflation also throws sand into the economic gears by distorting price signals and causing a misallocation of resources.
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First, consider the main reason why general price inflation retards economic growth: it can lead to a misallocation of resources.
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Compounding the problem is a misallocation of wealth: People have too many sailors on the fixed-income side of the boat.
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That it is signals the real possibility that state influence will foster the misallocation of resources between different parts of the economy.
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Even without an actual conflict, this is one more tragic misallocation of resources that could be going toward economic and social development.
The discrepancy does not necessarily indicate irrationality or massive misallocation of resources.
They will require a continual misallocation of resources in order to survive.
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Capital malinvestment and the misallocation of factors of production no longer can be covered over as the official statistics catch up with reality.
Misallocation of funds can be disastrous in a market as strategic as China, where competition is intense, regional variations are significant, and capable talent is scarce.
That 80 cents consists of the real resources people use to evade and avoid the tax plus the misallocation of resources that is cause by taxation.
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Because selection was done at the local level by panels made up of parents, teachers and other members of each community, including non-government organizations, misallocation has been minimal.
Markets in both shares and currencies tend to overshoot at times, leading to the formation of bubbles that can have similar consequences, such as a misallocation of resources.
NPLs represent a misallocation of resources on a giant scale.
The Economist (December 6th) has decided that a good solution to the problem of road congestion (ie, a possible misallocation of resources) is for people to give more money to government.
That will not only be more convenient for the user, but will help prevent the misallocation of funds, says Yao Dingyi, president of the Hainan International Financial Network, which operates the trial system.
One last thought: Although the Roach-Frankel duo went on to address currencies and exchange rates, the two never got to a basic risk factor in the current fragile period: What if the U.S. dollar, under the weight of private and public misallocation of resources, were to collapse?
This forces market participants to take risk more seriously, pushing up interest rates for other reckless borrowers, driving painful fiscal adjustments that will eventually correct the misallocation of resources caused by the bubble, returning them to the private sector and, eventually, permitting a renewal of sustainable growth.
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And if I'm not mistaken, and, Gene, you may have the figures on the tip of your fingers here -- but less than 1 percent of the overall funding indicated that there were any problems in terms of fraud or misallocation of resources, et cetera -- I mean, an extraordinarily low number.
WHITEHOUSE: Meeting of the President's Council on Jobs and Competitiveness | The White House
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