“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)

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Arthur F. Burns5

American economist and diplomat 1904–1987

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