Word: paarlberg
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Dates: during 1950-1959
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...started looking into the future to answer a prime question: When will the U.S. have another recession? They have little doubt that a slowdown will come. "One of the outstanding facts of the postwar economy is the re-emergence of the classic business cycle," says Presidential Economic Adviser Don Paarlberg. Other economists throughout the land are in surprising agreement that business will boom into 1960, slump somewhat...
Economic slowdowns from one cause or another are inevitable, says Economist Paarlberg. They are the price of economic progress. The economy does not grow in a smooth upward curve, but in a series of jumps. It has become so big and dynamic that when one of its major segments slacks off the pace, another segment begins to pick up speed. For these reasons, many economists believe that any future downturns are bound to be milder and briefer than in the past. Furthermore, the economy's built-in stabilizers are becoming steadily more effective. Unemployment funds and pension plans...