An Even More Dismal Science
For the past 25 years, a debate has raged among some of the world’s leading economists over whether the nature of the business cycle underwent a fundamental change after the end of the “30 glorious years” that followed World War II. A degree of consensus has emerged: the glory days are gone for good.
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BERKELEY – For the past 25 years, a debate has raged among some of the world’s leading economists. At issue has been whether the nature of the business cycle underwent a fundamental change after the end of the “30 glorious years” that followed World War II, when the economy was characterized by rapid growth, full employment, and a bias toward moderate inflation. Three positions have been staked out.