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 08, 2018
When I was young, I thought a business would last forever. After all, J.C. Penny still exists and it’s a 114 years old. But I was to learn, in 1973, why the saying, “Technology is a business that eats its young” was so true. My understanding began with the initial public offering of Prime Computer. It had a great business, but one that was...