By John Tamny of Forbes
“But is it not conceivable that wants may some day be so completely satisfied as to become frozen forever after? Some implications of this case will presently be developed, but so long as we deal with what may happen during the next forty years we evidently need not trouble ourselves about this possibility.”~ Joseph A. Schumpeter, Capitalism, Socialism and Democracy, p. 113.
Last year’s stock-market plunge unsurprisingly generated a great deal of commentary about the possibility of an economic depression that would rival that experienced in the 1930s. And with the present troubles in mind, economists and commentators have sought to use what was supposedly learned in the 1920s and 1930s to draw correlations between the past and present, or to defend government policy to explain why the U.S. economy hasn’t declined as much it did in the ’30s.
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