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.
August 21, 2015
From the moment I entered the building I knew that I was in another world. The building was the Burbank headquarters of Warner Brothers Studios. My host, Joe Smith, was President of Warner Brothers Records and our meeting had been arranged by a mutual friend from Boston. Joe was a major figure in the music business and was eager to show me...