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 04, 2023
Ours is a unique consumer driven economy. Estimates put it at 60-63% of our GDP. If we were to think of the economy as one large operating business, it would have a 330 million customer base. Such a focus would make it not only the largest business in the world (which it is) but one whose customer base had the highest standard of living. Its...