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.
July 26, 2012
My father stood staring out the living room window of our apartment building. It was a building that was derisively referred to as “The Project” by its inhabitants. Other people knew it as Public Housing. It was government housing for low income people. Many, like my father, were returning World War II veterans. And these Vets,...