If credit were too easy, he argued, entrepreneurs would embark on overambitious projects that take too long to reach fruition and make insupportable claims on society's resources.

凯恩斯担心的是投资不足——企业家支出过少，不能保证每个人都能够就业并有所收益——然而哈耶克担心的是不良投资。认为，如果获取信贷太过容易，企业家们就会野心勃勃获地着手获取回报时间过长、对社会资源的利用极不合理的项目。

He grew up under the best emperor of that dynasty, served under a well-meaning but overambitious one, and fell into disgrace when an eighteen-year-old idiot ascended the Dragon Throne.

是在北宋最好的皇帝（仁宗）当政年间长大，在一个心地善良但野心勃勃的皇帝（神宗）在位期间做官，在一个十八岁的呆子（哲宗）荣登王位之时遭受贬谪。