Buttonwood: In praise of pessimists

摘要

Barely a week goes by without a report on the level of confidence among consumers, businesspeople and investors. Optimism is what's wanted-Keynes talked of the "animal spirits" that influence economic activity. Pessimists are routinely denounced as Jeremiahs. Those who try to bet on falling prices find their activities are restricted. A cheery disposition may be necessary for societies to function.