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 11, 2016
To recall a lunch from 38 years ago, it had to have an emotional impact. This one certainly did. I felt despondent as the lunch began. The guest speaker was the Chief Financial Officer, Norman Rifkin, of Toys R Us. At that time, the toy retailing industry was an eight billion dollar business. Toys R Us was the largest company in the...