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.
September 09, 2016
“Gentlemen, we must leap over the high wall.” Hearing that, I thought to myself “Huh? What is he talking about?” I was too young (21) – and too poor-- to have an understanding of what this seeming allegory was about. The words were spoken with strong conviction in a heavy Boston Brahmin accent. To me, an Irish kid from...