One of my sisters keeps horses. She has noticed that if she shows up to feed them later than usual, they seem especially happy to see her. The pathos of this scenario is all the more striking because, in general, we take such scenarios for granted. With carrots and sticks and clever deceptions, we humans purchase the loyalty of our fellow creatures on a daily basis, including each other.
As an economist, I study and teach about money, markets, and the economy. Given that I have been on this professional journey for nearly half a century, something makes me feel that I should have it all pretty much figured out by now. But I don’t. In some ways, I know less now than I once did. Perhaps this is good.