The Devil’s Dictionary of Economics
Search For: (recovery)
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| Recovery, Economic |
In my 1999 book, I write, “Boom times are characterized by a transfer of capital from smaller companies to larger ones, and the big ones waste it. Also,… a lot of capital is converted directly into consumer goods.” In sharp contrast, during the “recovery,” capital is transferred to the government and they waste it. This would explain why it took over a decade to get out of the Great Depression.
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