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 29, 2015
“Which do you think is more important, the jockey or the horse?” a friend asked years ago. Now I have friends who have become clients and clients that have become friends. This man was one of the latter. At the time, my friend was the senior executive of a major corporation. So I surmised that this was a metaphoric...