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.
December 18, 2012
The man sitting across the table suddenly stood up unable to contain his excitement. “Look,” he said. “We know how to open and run restaurants! We did it for years at Bennigan’s Steak and Ale. Only this time we will be doing it for ourselves.” Chris Sullivan was telling the story of how he started Outback Steakhouse, and...