I am myself persuaded, on the basis of extensive study of…
“I am myself persuaded, on the basis of extensive study of the historical evidence, that... the severity of each of the contractions - 1920-21, 1929-33, and 1937-38 - is directly attributable to acts of commission and omission by the Reserve authorities and would not have occurred under earlier monetary and banking arrangements.”
About This Quote
This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation.
Economic downturns were caused by policy mistakes, not inherent market cycles.
In simple terms: Policy errors cause recessions.
Focus on sound monetary policy.
Themes
Mood
Type
When to use this quote
- central banking
- legislative decisions
- economic forecasting
Key Concepts
Questions to Reflect On
- What policy changes could prevent future crises?
- How do external factors interact with policy?
Some argue external shocks also play a role.