Lagging risk management

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Competition is the great driving force of human advance. The essential flaw of collectivist approaches to public policy is to focus on static efficiency at the expense of incentives for innovation necessary for long-term growth. That said, competition does have its dark side when markets are booming, risk premiums fall and planning horizons shrink. When industry peers are reporting lucrative profits on the latest hot product, shunning such opportunities can have negative short-run implications

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