专栏市场

LET LEADERS BE HELD TO ACCOUNT BY ANONYMOUS MARKETS

Markets are more and more anonymous. While computers trade with each other many times a second, most transactions still occur because a human being makes a decision to trade. But there are many such people, and they need not disclose who they are.

Uncomfortable with this depersonalisation, we use phrases such as “the market thinks” or “we could ask the market”. Benjamin Graham, the father of value investing, came up with “Mr Market”, a moody individual whose occasional irrational optimism and unreasoning pessimism create trading opportunities. But there is no Mr Market: only people can think.

The anonymity of markets delights the political right, which welcomes it as a check on state authority, just as it infuriates the political left, which deplores the freedom of the market from democratic control. Monetary policy – a market-based policy favoured by the right – restricts spending by price through the discipline of higher interest rates. Fiscal policy, favoured by the left, requires political choices about levels of taxation and public spending. Similarly, in a healthcare market, provision is rationed by price, impersonally; whereas socialised medicine (like private insurance) rations by bureaucratic decision, whether through waiting lists for treatment, or the cost-benefit analyses of the UK's National Institute for Clinical Excellence.

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约翰•凯

约翰•凯(John Kay)从1995年开始为英国《金融时报》撰写manbetx20客户端下载 和商业的专栏。他曾经任教于伦敦商学院和牛津大学。目前他在伦敦manbetx20客户端下载 学院担任访问学者。他有着非常辉煌的从商经历,曾经创办和壮大了一家咨询公司,然后将其转售。约翰•凯著述甚丰,其中包括《企业成功的基础》(Foundations of Corporate Success, 1993)、《市场的真相》(The Truth about Markets, 2003)和近期的《金融投资指南》(The Long and the Short of It: finance and investment for normally intelligent people who are not in the industry)。

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