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Economist Robert Solow, who is close to notching up a century on earth, once drew an analogy from sailing that bears an important lesson for those who manage the economy.

“Apart from the activity itself, the main thing I like about sailing is that it teaches you that the water and the wind out there don’t give a damn about you. They’re doing whatever the laws of physics tell them to do and your problem is to adjust as best you can,” Solow said in a 2002 interview with the Minneapolis branch of the Federal Reserve Bank...

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