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Business cycles are not merely fluctuations around a deterministic trend; they represent shifts in the trend itself.

經(jīng)濟周期不僅僅是圍繞確定性趨勢的波動；它們代表了趨勢本身的轉(zhuǎn)變。

The time inconsistency problem in monetary policy arises when policymakers have an incentive to deviate from their announced policy once economic agents have formed expectations.

貨幣政策中的時間不一致性問題出現(xiàn)在政策制定者一旦經(jīng)濟主體形成預(yù)期后，就有動機偏離他們宣布的政策。

芬恩·基德蘭德

Constitutional constraints are the rules that allow us to live together in peace.

憲法約束是讓我們和平共處的規(guī)則。

詹姆斯·布坎南

The bureaucrat’s utility function includes the size of his budget as an argument.

官僚的效用函數(shù)中包括其預(yù)算規(guī)模作為一個參數(shù)。

詹姆斯·布坎南

Individuals do not act so as to maximize utilities described in independently-existing functions.

個人行為并非為了最大化獨立存在的效用函數(shù)。

詹姆斯·布坎南

The market is not a substitute for self-government.

市場不能替代自治。

詹姆斯·布坎南

The market is not a substitute for government, nor is government a substitute for the market.

市場不能替代政府，政府也不能替代市場。

詹姆斯·布坎南

Constitutional economics is a research program that examines the choice of constraints as opposed to choices within constraints.

憲政經(jīng)濟學(xué)是一個研究約束選擇而非約束內(nèi)選擇的研究計劃。

詹姆斯·布坎南

Individuals do not act so as to maximize the social welfare.

個人的行為并非以社會福利最大化為目標(biāo)。

詹姆斯·布坎南

The bridge between the purely economic and the purely political is the theory of public choice.

純粹經(jīng)濟學(xué)與純粹政治學(xué)之間的橋梁是公共選擇理論。

詹姆斯·布坎南

Constitutional constraints are the rules that prevent the strong from exploiting the weak.

憲法約束是防止強者剝削弱者的規(guī)則。

詹姆斯·布坎南

The state is not a philanthropic institution; it is an organization of coercion.

國家不是一個慈善機構(gòu)；它是一個強制組織。

詹姆斯·布坎南

The idealized role of the economist is to clarify the alternatives that confront society, not to make the choices for society.

經(jīng)濟學(xué)家的理想角色是澄清社會面臨的替代方案，而不是為社會做出選擇。

詹姆斯·布坎南

The bridge between the individual and the collective is constructed from the materials of mutual agreement.

個人與集體之間的橋梁是由相互同意的材料構(gòu)建的。

詹姆斯·布坎南

Politics without romance is the art of the possible.

沒有浪漫的政治是可能的藝術(shù)。

詹姆斯·布坎南

Technological change is not exogenous; it is the result of deliberate actions taken by people who respond to market incentives.

技術(shù)變革不是外生的；它是人們對市場激勵做出反應(yīng)而采取的有意行動的結(jié)果。

保羅·羅默

The most important ideas are those that allow us to use existing resources in new and more productive ways.

最重要的思想是那些讓我們以新的、更高效的方式利用現(xiàn)有資源的想法。

保羅·羅默

The key to growth is not the accumulation of physical capital, but the expansion of knowledge.

增長的關(guān)鍵不是物質(zhì)資本的積累，而是知識的擴展。

保羅·羅默

Technology is the set of instructions that we use to rearrange the physical world to create value.

技術(shù)是我們用來重新安排物理世界以創(chuàng)造價值的指令集。

保羅·羅默

The challenge is to create institutions that align private incentives with the social value of knowledge.

挑戰(zhàn)在于創(chuàng)建能夠?qū)⑺饺思钆c知識的社會價值相結(jié)合的機構(gòu)。

保羅·羅默

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