RWPossum asked in Social ScienceEconomics · 6 years ago

What does the 2009 book This Time Is Different say about Obama?

This Economist article refers to a study widely-circulated during the financial crisis that led to the Great Recession. Based on the history of such crises going back to the Middle Ages, including Europe and Asia, the authors said that what happens in a situation like this is as predictable as clockwork - years of high unemployment followed by a great deficit.

During the last presidential election, the authors affirmed that recent history had showed that their predictions were accurate.

Is this true, and does the present, much lower unemployment rate also confirm what they said in 2009?

1 Answer

  • 6 years ago

    Human fallacy means we never learn from our mistakes and are destined to repeat them as we always think 'this time is different'. Best luck.

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