来自《耶鲁大学开放课程：金融理论 第13集 第13集》

• 
  
  If I do now Social Security in the growing economy,
  如果我计算增长经济中的社保问题
• 
  
  every generation when young only has to give up half an apple
  每代人年轻时只要给出半个苹果
• 
  
  and get 1 whole apple when old,
  就能在老的时候得到整个苹果
• 
  
  so that raises the interest rate from 247 percent to 300 percent,
  所以这导致了利率从247%上升到300%
• 
  
  annualized from 4 percent to 4.7 percent.
  年利率从4%上升到4.7%
• 
  
  So the rate of growth is faster now than the growth of the economy, right?
  利率的增长比经济增长更快
• 
  
  This interest rate, 300 percent is faster than
  利率为300%大于
• 
  
  the rate of growth, which is 100 percent.
  100%的经济增长率
• 
  
  So again, everybody is going to lose.
  同样的每个人都还是会亏损
• 
  
  They're going to go from 3.06--they're still going to
  社保使得效用从3.06
• 
  
  lose by Social Security, to go down to 3.
  降到3
• 
  
  But Tobin, I would say, is 90 percent right,
  但是托宾的观点 我说过90%是对的