“Every single decision we made was wrong.” That’s how Nvidia founder Jensen Huang described 1995 in the life of Nvidia. Crucial about the wrong decisions was that Nvidia’s first of many recessions followed them as Huang and a slimmed-down-by-layoffs team fixed their mistakes.
The Nvidia anecdote is just a comment that in a free economy, recessions are the norm. No doubt economists have tried to apply an inapplicable “macro” overlay to recessions, but in reality they’re the very necessary, very healthy, but at times very painful process whereby individuals and businesses acknowledge their mistakes (including the wrong hires for businesses) on the way to fixing them.
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