Private incentives matter, and if they are not well aligned with social returns, the result can be excessive risk taking, excessively short-sighted behavior, and distorted innovation. For example, while the benefits of many of the financial-engineering innovations of recent years are hard to prove, let alone quantify, the costs associated with them – both economic and social – are apparent and enormous.
第五个教训是，并不是所有的创新都会提高经济效率和生产力，更别说是带来社会效益了。对私营企业施加什么样的激励是很关键的，如果这种激励违背社会利益，其结果将是过度冒险、过度短视和创新怪胎。比方说，近几年搞出来的许多金融工程创新，它们到底有没有带来好处都还是个问题，更别说带来多少好处了，而它们造成的经济和社会损失明明白白就在眼前，还大得很呢。