I'm increasingly of the opinion that control theory is the right framework to apply here. The very existence of business cycles suggests that the economy has "

I'm increasingly of the opinion that control theory is the right framework to apply here. The very existence of business cycles suggests that the economy has "underdamped poles", and perhaps a more forward-looking central bank policy could add enough phase margin to damp them and prevent recessions altogether. But it would require always taking one's foot off the gas pedal before conditions really seem good enough.