Arthur F. Burns: Industrialization

Arthur F. Burns was American economist and diplomat. Explore interesting quotes on industrialization.
Arthur F. Burns: 10 quotes0 likes

“This sensitivity to the phenomena of recession and inflation is a symptom of an increased public awareness of both the need for and the attainability of economic progress. It is precisely because so much of current industrial and governmental practice can be better in the future that our meetings this year are focused on the broad problem of improving the performance of the American economy. However, as we go about the task of appraisal and criticism, it will be well to discipline our impatience for reform. In the measure that we avoid exaggerating our nation's failures or understating its successes, we shall make it easier for ourselves as well as for economists in other countries to see current needs and developments in a just perspective.”

Arthur F. Burns

Source: "Progress Towards Economic Stability", 1969, p. 101-2

“Clearly, the broad effect of economic evolution until about 1920 was to increase the concentration of jobs in the cyclically volatile industries, and this was a major force tending to intensify declines of employment during business contractions. Since then, the continued progress of technology, the very factor which originally was mainly responsible for the concentration in the cyclical industries, has served to arrest this tendency. The upward trend of production in manufacturing and the other highly cyclical industries has remained rapid in recent decades.”

Arthur F. Burns

Source: "Progress Towards Economic Stability", 1969, p. 109-110

“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."”

Arthur F. Burns

Arthur F. Burns (1947). Stepping stones towards the future. Annual Report 27. New York: National Bureau of Economic Research. p. 27; Cited in: Gordon (1986; 1)