Our goal should be to make decision makers internalize the full consequences of their decisions, rather than prevent them from making decisions altogether [...] But we tend to reform under the delusion that the regulated institutions and the markets they operate in are static and passive, and that the regulatory environment will not vary with the cycle. Ironically, faith in draconian regulation is strongest at the bottom of the cycle, when there is little need for participants to be regulated. By contrast, the misconception that markets will govern themselves is most widespread at the top of the cycle, at the point of maximum danger to the system. We need to acknowledge these differences and enact cycle-proof regulation, for a regulation set against the cycle will not stand. To have a better chance of creating stability throughout the cycle--of being cycle-proof--new regulations should be comprehensive, nondiscretionary, contingent, and cost-effective.
Raghuram G. RajanMots clés fault-lines
...the heart breaks in so many different ways that when it heals, it will have fault lines ...
John GeddesMots clés inspiration heart heartbreak heals fault-lines breaks
But although realism does not add anything to the catalogue of entities or properties that a subjectivist believes to exist in the world, it does hold that certain truths that subjectivists think have to be grounded in something else do not have to be so grounded, but are just true in their own right. After all, whatever one's philosophical views, so long as there is such a thing as truth there must be some truths that don't have to be grounded in anything else. Disagreement over which truths these are defines some of the deepest fault lines of philosophy. To philosophers of an idealist persuasion it is self-evident that physical facts can't just be true in themselves, but must be explained in terms of actual or possible experience, just as it is self-evident to those of a materialist persuasion that mental facts can't just be true in themselves, but must be explained in terms of actual or possible behavior, functional organization, or physiology. The issue over moral realism is of the same kind.
Thomas NagelMots clés fault-lines idealist-persuasion materialist-persuasion
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