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, 2013
As I came up out of the subway in New York City, I realized I was at the beginning of Wall Street. Looking up the street I was absolutely awed to see the lineup of limousines. In Boston at the time there were no limousines. There –on Wall Street- they seemingly were everywhere! To a poor Irish kid from Boston the cars, and their...