Bookworm on Sep 12 2011 | Filed under: Rick Perry
Tweet A Ponzi scheme is a pretty simple animal: You pay old investors using money put in by new investors. When you run out of new investors, nobody gets paid. Social security is also a simple animal: We pay old taxpayers money put in by new taxpayers. Because there are more old taxpayers than there [...]
Bookworm on Mar 16 2009 | Filed under: Economics
Tweet I was doing some research for a post I’m planning, and came upon an articled entitled “The optimal design of Ponzi schemes in finite economies” which Utpal Bhattacharya wrote in 2001 and published in 2002. The summary reads as follows: As no rational agent would be willing to take part in the last round [...]
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