The welfare cost of business cycles is not the cycles themselves but the inability of individuals to smooth consumption over time.
经济周期的福利成本并非周期本身,而是个体无法随时间平滑消费的能力。
我喜欢我的工作,但我讨厌名声。
"La verdadera historia está en las pequeñas historias de la gente común."
The future of global politics will be shaped by the competition between democratic and authoritarian systems.