Scanning some old papers from College back in the early to mid 80’s
This short paper was on Business Cycles. My analysis at the back of the paper seems pretty precient given what has happened over the past few years.
I love how I opened the paper with a quote from Keynesian economist Paul Samuelson since he unknowingly pointed out the reason we are in this current mess
“Nothing like the Depression should ever occur again. It it does, the fault will come from unwillingness to take action, from a fixed belief in the validity of certain theories, and from a hope that what worked in an earlier generation will also work well again.”
Yep, Keynesians believe that their theories dug us out of the Great Depression (while ignoring the fact the rest of the world was in shambles and therefore we had markets to sell to).Â So who exactly has a “fixed belief in the validity of certain theories”?