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The Economy in Perspective

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Once upon a time … there was a land filled with hard-working, creative people. Most often, economic conditions were good, but even in the best of times some companies went out of business and people changed jobs. These comings and goings might disrupt lives and cause hardship, but the people recognized that the great majority were well served by their economic system. When inefficient businesses failed, more productive ones took their places and provided new jobs. Living standards rose from generation to generation.

Suggested citation: "The Economy in Perspective," Federal Reserve Bank of Cleveland, Economic Trends, no. 99-11, pp. 01, 11.01.1999.

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