"And indeed, the burden of Cassandra's "gift" is evident in mythology. She predicted the outcome of many disastrous events. In one memorable example, Cassandra announced the dire consequences of the Trojans accepting the infamous Wooden Horse from their Greek opponents. But as Apollo made certain, no one believed Cassandra when she warned her companions about the future. And this, in the end, was to be Cassandra's tragic fate."
The Great Depression, like most other periods of severe unemployment, was produced by government mismanagement rather than by any inherent instability of the private economy.
Labels: business cycle theory, economics, history, Milton Friedman, Quote
posted by The Cassandra Page @ 10:46 AM |
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