Alan Greenspan: Economic flexibility Remarks by Mr Alan Greenspan, Chairman of the Board of Governors of the US Federal Reserve System, before the HM Treasury Enterprise Conference, London, England, (via satellite), 26 January 2004.
*  *  *  As the Great Depression of the 1930s deepened, John Maynard Keynes offered an explanation for the then-bewildering series of events that was to engage economists for generations to come. Market systems, he argued, contrary to the conventional wisdom, did not at all times converge to full employment.