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考研英语阅读:《经济学人》读译参考TEXT 323

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经济学人:代代叠加:"拖"无止境(1)


Economics Brief

Overlapping generations: Kicking the can down an endless road


经济学简论

代代叠加:"拖"无止境

The final brief in our series on big economic ideas looks at the costs (and benefits) of passing on the bill to the next generation.


我们的重大经济思想的最后一篇考察的是寅吃卯粮的代价(和好处)。


In the spring of 1899 William Miller persuaded three members of his Brooklyn prayer group to invest their money with him, promising them unearthly returns.He would pay a dividend of 10% per week, plus a commission for each new investor they could recruit.Soon, William “520%” Miller was drawing throngs of depositors to his door.So “great was the crush”, by one account, his staircase eventually gave way.


译文


1899年春,威廉·米勒(William Miller)说服了他在布鲁克林祈祷小组的三位成员把钱交给他来投资,向他们承诺了异乎寻常的回报。他会每周支付10%的红利,外加对他们可能招募来的每一位新投资者的一份佣金。不久,威廉·520%·米勒吸引了大批存款人上门。据称,当时人群汹涌,以至于他的楼梯最后都被挤塌了。


Miller attributed his success to “inside information”.But his real method was made famous 20 years later by the man who perfected it, Charles Ponzi.Ponzi schemes like Miller's pay a return to early investors with money raised from later ones.When they run short of new contributions, they collapse.


译文


米勒认为,他的成功归功于“内幕消息”。但是,他真正的方法是在20年后因为那位使之完美无瑕的人——查尔斯·庞兹(Charles Ponzi)而闻名天下的。庞氏骗局(Ponzi schemes)同米勒用从后来者那里筹集到的钱支付早先的投资者的方式如出一辙。当缺少新的出资时,它们就崩溃了。


A scheme as generous as Miller's cannot last long.But what if the promises were less extravagant and the repayment intervals less tight?What if, for example, a scheme asked investors for money in their younger years in return for a payout in their dotage?


译文


如米勒般慷慨的骗局无法持久。但是,如果承诺少一些夸大,偿还间隔不是那么近呢?例如,如果骗局在投资者年轻时向他伸手要钱,在年老体衰时报之以偿还呢?


Over that time scale, a Ponzi scheme need not limit its recruitment efforts to the people alive when it begins.It can repay today's contributors with money from future participants not yet born.And since the next generation is never likely to be the last, the chain could, in principle, continue indefinitely.Barring a catastrophe, new marks will be born every day.


译文


在这段时间内,庞氏骗局不需要对在它们开始时活着的人的招募努力加以限制。它可以用来自尚未出生的未来参与者的钱偿还今天的出资者。而且,由于下一代永远不可能是最后的一代,从理论上说,这一链条可以无限期地继续下去。除非天灾人祸,每一天都会有新生命出生。


This intergenerational logic lies behind the “pay-as-you-go” (PAYG) pensions common in many countries.People contribute to the scheme during their working lives, and receive a payout in retirement.


译文


这种存在与现收现付养老金(pay-as-you-go 简称PAYG)背后的代际逻辑,在许多国家都是很常见的。人们在自己的工作之年给骗局出资,在退休时拿到偿付。


Many people fondly imagine that their contributions are saved or invested on their behalf, until they reach pensionable age.But that is not the case.The contributions of today's workers pay the pensions of today's retirees.The money is transferred between generations, not across time.


译文


许多人天真地假设,他们的出资要么是被存了起来,要么是以他们的名义被投了出去,直到他们达到可以领养老金的年纪。但是,情况并非如此。当今工人的出资偿付的是当今退休人员的养老金。钱是在几代人之间转来转去,并没有跨越时间。


注释


1.contribute to 有助于;捐献


例句:The three sons also contribute to the family business.


这3个儿子也为家族事业做出了贡献。


2.in principle 从理论上说


例句:The present world crisis should in principle be analysed from different temporal perspectives.


原则上说来,目前的世界危机应该从不同的时间角度加以分析。


3.What if 假如...会怎么样


例句:What if anything should happen to the child?


万一这孩子出了差错怎么办?


4.in return for 作为...的报答


例句:I'll sell at a discount in return for a speedy sale.


为了尽快售出,我会打折销售。

 

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