Today's Prize Winner for Overcoming Pessimistic Bias Goes To...
By Bryan Caplan
Nor, following the fastest five-year period of economic growth in human history, are collapsing prices endangering the financial system, as they did during the Great Depression. (emphasis mine)
I just lived through the fatest-growing five years in economic history, and didn’t even know it. For all my criticism of pessimistic bias, I still struggle against it. Mea culpa! Or as they say in America, “My bad!”
P.S. I wanted to give James a Julian Simon Prize, but it turns out there already is one.