chapter  3
26 Pages

WHERE THE LONG-RUN AND

WithSHORT-RUN MEET

Perhaps Joseph was the first long-term speculator. He interpreted Pharaoh’s dream of seven fat cows being eaten up by seven lean cows to mean that Egypt would enjoy seven years of plentiful harvests followed by seven years of famine. Accordingly he advised Pharaoh to build warehouses and store grain in the years of plenty. Joseph was put in charge of the enterprise.