Arthur F. Burns

“For well over a century business cycles have run an unceasing round. They have persisted through vast economic and social changes; they have withstood countless experiments in industry, agriculture, banking, industrial relations, and public policy; they have confounded forecasters without number, belied repeated prophecies of a "new era of prosperity" and outlived repeated forebodings of "chronic depression."”

“THE AMERICAN people have of late been more conscious of the business cycle, more sensitive to every wrinkle of economic curves, more alert to the possible need for contra-cyclical action on the part of government, than ever before in our history. Minor changes of employment or of productivity or of the price level, which in an earlier generation would have gone unnoticed, are nowadays followed closely by laymen as well as experts.”