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.
April 19, 2018
Like most people, I’ve heard the term "half-life" for years. It always seemed to be used in reference to a prescription drug’s time of effectiveness. So I was surprised when I heard it used by record executive Clive Davis about his business. He had used the term to describe a song writer’s life span of creativity. That reference got my...