America Beyond 2001 | America’s Economy May Become Intensely Regulated

How will it end? Where does our postwar extravagance, our increasing propensity to live beyond our means, finally lead us? And how should we manage our affairs so as best to cope with whatever troubles lie ahead?

Economics isn’t really the dismal science as [historian] Thomas Carlyle suggested. More accurately, it has become the hopeful science. Its practitioners carry on their trade in the hope that through adroit economic management, prosperity can somehow be engendered and preserved. . . .

Fiscal stimulation assuredly has served from time to time to spur economic...

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