Business-cycle theorists concerned themselves with why the economy naturally generated fluctuations in employment and output, [while the rest of the profession] continued to operate on the assumption that full employment was the natural, equilibrium position for the economy.

— Robert Aaron Gordon Business Fluctuations (1952)

Notes from Wikiquote

Robert A. Gordon. The Dynamics of Economic Activity (1947) | Robert A. Gordon and Lawrence Klein (eds.) Readings in Business Cycles (1965) | Robert A. Gordon. Economic Growth and Instability (1974). | -->

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Business-cycle theorists concerned themselves with why the economy naturally generated fluctuations in employment and output, [while the rest of the profession] continued to operate on the assumption that full employment was the natural, equilibrium position for the economy.

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