As long as we have an economic system that produces economic growth by rewarding inspired actors and investors, we will face the risk that the inspiration can be temporarily drowned out by sudden adverse talk and stories. That is why the most urgent regulations will always be time- and context-specific.
NEW HAVEN – What do people mean when they criticize generals for “fighting the last war”? It’s not that generals ever think they will face the same weapon systems and the same battlefields. They certainly know better. The error, to the extent that the generals make it, must operate at a more subtle level. Generals are sometimes slow to get around to developing plans and ordnance for those new weapon systems and battlefields. And, just as important, they sometimes assume that the public psychology and narratives that influence their soldiers' morale are the same as in the last war.
NEW HAVEN – What do people mean when they criticize generals for “fighting the last war”? It’s not that generals ever think they will face the same weapon systems and the same battlefields. They certainly know better. The error, to the extent that the generals make it, must operate at a more subtle level. Generals are sometimes slow to get around to developing plans and ordnance for those new weapon systems and battlefields. And, just as important, they sometimes assume that the public psychology and narratives that influence their soldiers' morale are the same as in the last war.