He believed that boom-time malinvestments were responsible for the subsequent bust, much as binge-drinking is responsible for the next morning's hangover.

哈耶克对商业周期波动起伏颇为关注，对学生讲解时口音浓重，因此他学生戏奥地利籍教授为“波动先生”。他认为繁荣时期不良资将导致日后破产，好比饮酒作乐会引起第二天早醉不适。

They are what Hayek would call " malinvestments" , investments in capacity that no one is willing to pay for or wait for.

中国当局现在终于承认那些通常是显而易见事实：很多项目根本不会带来足够收益来偿还债权人。云南和其他地方已出现拖欠现象。有些项目会半途而废。些就是哈耶克所说“不良资”，即没人愿意偿还或者等待资。