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新古典经济学认为价格永远是合理的,市场人士却发现价格永远都不合理。试问,股市永远上涨合理吗?或者,股市持续大跌就合理?抑或突然间股价全线涨封就合理?其实都不合理。要想在股市中找到合理的价格,就象硬要在活人中找出个“死鬼”来一样难。在中国股市剧烈波动的悲喜剧中,笔者看到的是永恒的价格不合理的故事。价格不合理,还有什么合理的呢?价格不合理是否意味着市场不合理?其实,市场是合理的,或者如股民们总念叨的一句话所说的那样“市场永远是对的”。市场合理不是因为价格合理,而是因为交易合理。交易即合理,建立在自愿、平等、独立、诚信原则上的交易的合理也许不足以保证价格的合理性,却足以保证市场的合理性。交易即合理传自诺贝尔经济学奖得主科斯。在科斯看来,交易可谓至关重要,其重要性不仅超过了先验的、纯粹由法律人士裁定的
Neoclassical economics thinks prices are always reasonable, and market people find that prices are never reasonable. May I ask, is the stock market rising for a long time? Or is it reasonable that the stock market should continue to fall sharply? To find a reasonable price in the stock market is as hard as trying to find a “ghost” among the living people. In the dramatic fluctuations of tragedy and comedies in China’s stock market, I saw the eternal story of unreasonable prices. In fact, the market is reasonable, or as investors always say a word, “the market will always be right,” the price is not reasonable, what is reasonable? The price is unreasonable means that the market is irrational? . Reasonable market not because the price is reasonable, but because the transaction is reasonable. The reasonableness of the transaction and the reasonableness of the transaction based on the principles of voluntariness, equality, independence and good faith may not be enough to ensure the reasonableness of the price but sufficient to ensure market rationality. The transaction is a reasonable transfer from Nobel laureate Coase. According to Coase, the transaction is so crucial that it is not only more transcendental, purely ruled by legal persons