This post returns to the deep topic of banking theory. I am very unhappy with the state of banking theory in economics. People make very strong empirical claims about what they call the risk-taking process based on shallow thinking about that process. I think that Mencius Moldbug is giving the wrong answer, but at least he is asking the right question, which is more than I can say for, well, just about the entire economics profession.This stuff is for the macro geeks among us.
From Tear Drops to a Failure to Lose an Empire
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