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 10, 2014
“Ben, will you read this and tell me if anything jumps out at you … or at least surprises you,” I asked my seventeen-year-old grandson. We were in my Jeep heading to the golf course when I had handed Ben a copy of Investors Business Dailey. In the paper was an article about Rowland Macy, the founder of Macy’s Department Stores. Before...