“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.”

—  Arthur F. Burns

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

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Arthur F. Burns photo
Arthur F. Burns 5
American economist and diplomat 1904–1987

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