Freedom from business cycles

Many people believe that business cycles are inevitable and there is no way to escape them. John Kenneth Galbraith, a well-known professor emeritus of economics, replying to the question of when we should expect the next upswing of a business cycle said, "But one thing is certain: there will be another of these episodes and yet more beyond" (A Short History of Financial Euphoria, Whittle Communications L.P., 1990).

Throughout my business career, I have learned to respect those in the economic field motivated to help maintain sound business conditions. Economists' forecasts, however, are usually based on theories of probability and on past experiences. It's worth asking whether we must be subject to these patterns of human thinking, with their elements of uncertainty.

Managing the economy
June 20, 1994

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