Rand, perhaps better than any economic observer, underscored the central role of incentives in driving entrepreneurial innovation and risk-taking. Whittle away at incentives – and at the market’s ability to communicate them through price signals – and you starve the growth engine of its fuel.
或许兰德比所有经济观察家都更好地指出了激励在激发企业家创新行为和风险承担行为中的核心作用。激励的减少——以及市场通过价格信号传递激励信息的能力的下降——无异于收走增长引擎中的燃料。可是，很显然，采取利率控制和量化宽松的央行忽视了这一事实。