“Prosperity ends in a crisis. The era of optimism dies in the crisis, but in dying it gives birth to an era of pessimism. This new era is born, not an infant, but a giant; for an industrial boom has necessarily been a period of strong emotional excitement, and an excited man passes from one form of excitement to another more rapidly than he passes to quiescence. Under the new error, business is unduly depressed.”

Arthur Cecil Pigou, As quoted in Business Cycles : The Problem and Its Setting (1927) by Wesley Clair Mitchell, p. 19

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Arthur Cecil Pigou8

British economist 1877–1959

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