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 11, 2018
My first experience with the speed of light was as a young caddy. As I looked across a fairway I saw a golfer hit a tee shot some distance away. The player hit the ball, finished his swing, and then – what seemed seconds later in the hot humid air – I heard a CRACK sound. I was puzzled. At the time, I didn’t know the speed of...