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Moral Hazard

2026

A visual metaphor showing a person confidently walking on a tightrope without looking down, while an oversized, visible safety net below them distorts the sense of risk and responsibility. The net could be a metaphorical "hand" or "state" ready to catch them, implying endless bailouts.

Soft Budget Constraint: When a Safety Net Exists, Accountability Distorts

12 June 2026·3422 words·7 mins

© 2026 Caihao Cui

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