Gambling With Other People’s Money by Russell Roberts
How Perverse Incentives Caused the Financial Crisis
A concise examination of the 2008 financial crisis that argues perverse incentives—not simply greed or deregulation—drove excessive risk-taking by financial institutions. It explains how implicit and explicit government guarantees, expectations of bailouts, and skewed compensation structures created moral hazard and weakened market discipline. The narrative shows how these rules of the game shifted risk onto the public while concentrating rewards, producing fragility across the system. It concludes with proposals to increase skin in the game, curb leverage, and allow failure to restore discipline and resilience.
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- Published
- 2019
- Nationality
- American
- Length
- Unknown
- Pages
- Unknown
- Original Language
- English
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