New at Reason: Jeffrey Miron on Financial Market Reform

October 27, 2009

According to perceived wisdom, the root cause of the 2008 financial crisis was excessive risk-taking, and proper regulation can detect and prevent such excess in the future. But as Harvard University economist Jeffrey A. Miron writes, this view is a pipe dream. Most new regulation will do nothing to limit crises because markets will innovate around it. Worse, some regulation being considered by Congress will guarantee bigger and more frequent crises.

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