WHEN pundits worry about the distorting effects of cheap money on asset prices, they invariably single out the carry trade as a cause for concern.

当学者为低息贷款对资产价格的扭曲而感到担忧时，他们总是指出套利交易是应引起注意的一个原因。

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And then there are the deleterious effects America's price-distorting payments have on foreign farmers and so on trade negotiations.

因而导致美国不正常的价格补偿使外国农民和贸易谈判等等都收到不良影响。

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However, when the excess burden of distorting the leisure-income trade-off is included, marginal tax rates of far less than 100 percent are optimal.

但是，如果把扭曲闲暇—收入替换关系的超额负担包括在内，大大低于100%的边际税率才是最适的。

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"More generally, the committee is increasingly concerned about trade-distorting subsidies in China, " the letter continued.

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Trade-distorting subsidies may rise so much, Europeans fear, that America will break its Uruguay-round commitments.

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America's trade-distorting support was already well below its permitted ceiling and had seemed likely to fall further.

ECONOMIST: What happened to free trade? | The