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 15, 2020
Years ago, I was randomly changing television channels when suddenly, I saw something extraordinary. A young boy was standing with his back to a cathedral in Paris. There was an artist’s palette behind him. Then a voice said, “Now turn around.” The boy turned, stared at the medieval cathedral for a moment, then turned again with his back to the...