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.
October 26, 2011
It was late October and dark in the early morning as I entered Boston’s newest and highest skyscraper, the Bank of Boston. I walked through the lobby to the far end of the elevator bank and pressed the button to the 37th floor, the penthouse. There were two massively opposing 12 foot high oak doors at the office entrance. ...