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 17, 2020
Professor Peter Drucker was sitting on a hard wooden chair center stage. Below him, a large lecture hall was filled with middle age businessmen. They all looked as though they had attended elite business schools and ran major corporations. Most of them did. The professor was there not to give a lecture but to answer questions. It was totally...