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.
June 16, 2015
To recall a lunch from 37 years ago, it has to have had an emotional impact. This one certainly did. I remember feeling somewhat despondent as the lunch began. The guest speaker was the Chief Financial Officer of Toys R Us. At that time, the toy retailing industry was an eight billion dollar business. Toys R Us with $250...