But Chairman Greenspan’s warning, in February 1997, about too-ready acceptance of a “New Era” is still relevant: “But, regrettably, history is strewn with visions of such ‘new eras’ that, in the end, have proven to be a mirage. In short, history counsels caution.” (Greenspan 1997). Price stability still requires good monetary policy supported by an anti-inflation consensus.
Conclusion Economics has long been known as the dismal science, but in recent years mortality has become a pre-occupation. Judging by recent book titles, not only is the business cycle dead, but so too are inflation, economics, history and capitalism.