For well over a century business cycles have run an unceasing round. They have persisted through vast economic and social changes; they have withstood countless experiments in industry, agriculture, banking, industrial relations, and public policy; they have confounded forecasters without number, belied repeated prophecies of a "new era of prosperity" and outlived repeated forebodings of "chronic depression."


Arthur F. Burns (1947). Stepping stones towards the future. Annual Report 27. New York: National Bureau of Economic Research. p. 27; Cited in: Gordon (1986; 1)

Arthur F. Burns Quotes

For well over a century business cycles have run an unceasing round. They have persisted through vast economic and social changes; they have...

For well over a century business cycles have run an unceasing round. They have persisted through vast economic and social changes; they have...

For well over a century business cycles have run an unceasing round. They have persisted through vast economic and social changes; they have...

For well over a century business cycles have run an unceasing round. They have persisted through vast economic and social changes; they have...