The Importance of Expectations in the Economy in the 1930s

Expectations about the future are a critical driving force in the economy. Cain said no and he didn't really put it in this language because if he had been able to I think he would have found more ready converts. He recommended government spending at a time when animal spirits were particularly low but actually it was inconsistent with the way the economics profession thought about the world in the 30s.

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