I’m reading Peter Bernstein’s latest newsletter, and he starts it off with this quote:
Above all, let us recognize that the future will not look like the present. In the 1920s, we were told we would never have a depression. In the 1930s, we were told that the economy would never pull itself out of stagnation (without government help, that is). And in the 1950s, we were told that the wage-price spiral will never stop spinning and that inflation will go on forever….The truth of the matter is that our economy is always changing and that no trend can go on indefinitely. The danger lies not in change but in the excesses of optimism or pessimism which result from assuming that this time there will be no change.
PLB, Harvard Business Review, July-August 1957
A nice reminder….
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.