“The postwar era has not surprised Arthur Burns, for business cycles have continued their "unceasing round." although the United States recession of 1981-82 was the eighth since World War II and the deepest postwar slump by almost any measure, the 1983-84 recovery displayed an upward momentum sufficient to befuddle forecasters and delight incumbent politicians. Nor would a reincarnated Joseph Schumpeter be disappointed in the current status of business cycle research in the economics profession. To be sure, interest in business cycles decayed during the prosperity of the 1960s, as symbolized in the 1969 conference volume, Is the Business Cycle Obsolete? and in Paul Samuelson's remark the same year that the National Bureau of Economic Research "has worked itself out of one of its first jobs, namely, the business cycle."”

—  Robert J. Gordon

Source: The American Business Cycle, 1986, p. 1-2

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American economist 1940

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“But business cycles as a subject for study have enjoyed a revival for at least a decade now, stimulated in part by the severity of the 1974-75 and 1981-82 recessions and in part by the intellectual ferment surrounding the development of the "equilibrium business cycle model" and the attention paid to the seminal work of Robert E. Lucas, Jr., contained in his book Studies in Business Cycle Theory (1981). Indeed, there is no longer any need to lament the passing of economics courses explicitly carrying the title "Business Cycles," since the topic of business cycle behavior and analysis has so infiltrated courses carrying the title "Macroeconomics" that the two subjects have become almost interchangeable. 2 In this light it is fitting that the major research program of the NBER in this area is called "Economic Fluctuations" rather than "Macroeconomics."”

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“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."”

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Robert J. Gordon (1940) American economist

Robert J. Gordon, Are Procyclical Productivity Fluctuations a Figment of Measurement Error? (1992).

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General sources
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[Fareed, Zakaria, http://msnbc.msn.com/id/4933882/, The Price of Arrogance, Newsweek, May 17, 2006, 2006-09-01]

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