It’s a Small World After All1
By the late 1970s, policymakers viewed accelerating inflation as signaling the need for restraint in a society that had come to take for granted a continually improving standard of living, and yet state officials were understandably quite reluctant to impose this restraint directly.
We are all a part of the global society of minds, and how that society evolves is up to each of us.
A young man recently asked, “What is your book about?” When I explained that it covered the economic crisis and that the crisis was difficult to characterize, he replied, “Oh, it’s really not that hard. People were greedy and spent more money than they had.” Well, ...