Wealth in a managed economy

Tom Sr. wrote a semi-autobiographical dissertation on the benefits of starting a business in a high-interest rate environment. For some years we’ve had to take the analysis as a cautionary note against the risks fo startup in a low-interest environment, although a return to some mean via an overcorrection is as question of when, not if—so we say. It works out to be a narrative form of last month’s post, P ≠ V. Download the pdf here.