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.
January 08, 2020
If you’ve ever watched a TV quiz show called “Jeopardy,” your reaction might have been similar to mine. “Wow, how do they know that? They’re really bright!” Endless facts. Endless “knowledge” about things that I, for one, know nothing about. But it is not knowledge; it’s about an ability to retain information. That’s very different from...