Do we have the capability to eliminate booms and busts in economic activity? The answer in my judgment is no, because there is no tool to change human nature. Too often people are prone to recurring bouts of optimism and pessimism.
November 11, 2010
In 1930 the global headquarters of Boston-based United Shoe Machinery Corporation was an international colossus. The “Shoe,” as it was affectionately called by Bostonians, was the largest manufacturer of shoe machinery in the world. USM did business in over 50 countries and was truly an international monopoly. The headquarters dwarfed...