AS my fine professor of economics at Columbia, C. Lowell Harriss (who just celebrated his 96th birthday) used to tell us, economics is the study of the allocation of scarce goods and services. What could be scarcer or more precious than love? It is rare, hard to come by and often fragile.
現年96高齡，我的經濟學教授哈理斯，經常告訴我們，經濟學是研究分配稀有的財貨和勞務。還有什麼比愛情更稀有和珍貴？它稀少、得來不易、往往脆弱。

My primary life study has been about love. Second comes economics, so here, in the form of a few rules, is a little amalgam of the two fields: the economics of love. (I last wrote about this subject 20 years or so ago, and it’s time to update it.)
在我的研究生涯裡，主要是愛情，其次才是經濟學。這兩個領域的結合就是愛情經濟學。我曾在20多年前寫過它的一些規則，現在正是更新的時機。

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In general, and with rare exceptions, the returns in love situations are roughly proportional to the amount of time and devotion invested. The amount of love you get from an investment in love is correlated, if only roughly, to the amount of yourself you invest in the relationship.
通常，你投資在愛情的時間和心力大致和收益成正比。你得到的愛大致和付出相當。

If you invest caring, patience and unselfishness, you get those things back. (This assumes, of course, that you are having a relationship with someone who loves you, and not a one-sided love affair with someone who isn’t interested.)
如果你投入的是關懷、耐心與無私，那麼你也會得到回報。當然，這是在相愛下，愛情不能是一廂情願的單戀。

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High-quality bonds consistently yield more return than junk, and so it is with high-quality love. As for the returns on bonds, I know that my comment will come as a surprise to people who have been brainwashed into thinking that junk bonds are free money. They aren’t. The data from the maven of bond research, W. Braddock Hickman, shows that junk debt outperforms high quality only in rare situations, because of the default risk.
高信用品質債券的殖利率總是高於垃圾債券，高品質的愛情亦同。

In love, the data is even clearer. Stay with high-quality human beings. And once you find that you are in a junk relationship, sell immediately. Junk situations can look appealing and seductive, but junk is junk. Be wary of it unless you control the market.
在感情世界，數據更明顯。要和優質的人一塊。當發現關係變質，及時放棄。雖然垃圾有時頗讓人心動，但垃圾永遠是垃圾。

Or, as I like to tell college students, the absolutely surest way to ruin your life is to have a relationship with someone with many serious problems, and to think that you can change this person.
我常告誡我的學生，如果你想摧毀你的人生，就是和一個爛人在一起，還企圖改變他。

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Research pays off. The most appealing and seductive (that word again) exterior can hide the most danger and chance of loss. For most of us, diversification in love, at least beyond a very small number, is impossible, so it’s necessary to do a lot of research on the choice you make. It is a rare man or woman who can resist the outward and the surface. But exteriors can hide far too much.
深入研究必有回報。亮麗的外表隱藏危機。愛情不能分散投資，在下定決心前需要多下功夫。

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In every long-term romantic situation, returns are greater when there is a monopoly. If you have to share your love with others, if you have to compete even after a brief while with others, forget the whole thing. You want to have monopoly bonds with your long-term lover. At least most situations work out better this way. ( I am too old to consider short-term romantic events. Those were my life when Lyndon Johnson and Richard Nixon were in the White House.)
長期經營的情感，需要獨佔才會獲得較高回報。如果有第三者介入，早點了斷。想得到善果，必須要抓緊你的長期戀人。

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The returns on your investment should at least equal the cost of the investment. If you are getting less back than you put in over a considerable period of time, back off.
投資與報酬起碼要相當。到了停損點，就要認賠殺出。

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Long-term investment pays off. The impatient day player will fare poorly without inside information or market-controlling power. He or she will have a few good days but years of agony in the world of love.
長期投資定有報償。如果沒有內線消息或操控市場能耐，當沖炒手無法獲利。因此，短暫歡愉，不比天長地久。

To coin a phrase: Fall in love in haste, repent at leisure.
銘記：草草熱戀，慢慢後悔。

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Realistic expectations are everything. If you have unrealistic expectations, they will rarely be met. If you think that you can go from nowhere to having someone wonderful in love with you, you are probably wrong.
切合現實是首要。別抱不符現實的希望，它們很難碰上。如果你認為輕易就會和某人墜入情網，那是大錯。

You need expectations that match reality before you can make some progress. There may be exceptions, but they are rare.
在進一步發展前，你的期望要符合現實。也許有例外，但不常見。

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When you have a winner, stick with your winner. Whether in love or in the stock market, winners are to be prized.
當你得到理想對象，黏緊不放。不管是愛情或是股市，理想對象絕對值得。

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Have a dog or many dogs or cats in your life. These are your anchors to windward and your unfailing source of love.
在生活少不了貓、狗。牠們幫你渡過逆境，更會給你永無止境的愛。

Ben Franklin summed it up well. In times of stress, the three best things to have are an old dog, an old wife and ready money. How right he was.
富蘭克林總結說：「世上最重要的是老狗、老妻和現金」。現在仍是。

THERE is more that could be said about the economics of love, but these thoughts may divert you while you are thinking about your future.
還有一些關於愛情經濟學的話要說，但當你思考你的未來時，可能帶來轉變。

And let me close with another thought. I am far from glib about the economy. It has a lot of pitfalls facing it. As workers and investors, we know that many dangers lurk in our paths.
我已遠離了經濟學，那裡面有太多的陷阱。我們都知道，工人或投資者的前程潛伏各種危險。

But so far, these things have always worked themselves out and this one will, too. In the meantime, they say that falling in love is wonderful, and that the best is falling in love with what you have.
至今，這些事都能正常運作。同時，他們說戀愛是奇妙的，更棒的是和你現在的戀人。

原文參見：
http://www.nytimes.com/2008/07/13/business/13every.html 
http://www.iht.com/articles/2008/07/13/business/13every.php

後記：這是去年收錄的文章。要是能夠照書操課，也不會有這半年的折磨。