The Economy in Perspective
Two thumbs up … Judging by the pandemonium breaking loose in financial markets and the headline coverage it is receiving, one would think the world as we knew it had come to an end. Well, in a way it has, because the world as we knew it had come to be regarded as one of infallible progress and unbounded prosperity. The world as we knew it had become an economic utopia, the promised land where debtors never default, recessions no longer happen, and nations can expand output at high rates forever. World economic prowess had become a tale of epic proportions, a story never before told, a fasten-your seat-belt blockbuster.
Suggested citation: “The Economy in Perspective,” Federal Reserve Bank of Cleveland, Economic Trends, no. 98-10, pp. 01, 10.01.1998.