Beware Moral Hazard Fundamentalists (FT)

On September 23rd, CGD board member Lawrence Summers authored an article in the Financial Times about responding to financial crises.

From the Article:

"Central to every policy discussion in response to a financial crisis or the prospect of a crisis is the concept of moral hazard. Unfortunately, there is great confusion in many quarters about the circumstances when moral hazard is, and is not, a problem."