There may be an outdated cliché that claims, The only constant is change.” While that is typically true, there are some things of which we may be fairly certain. Economists finally began to grasp what essentially drove the business cycles and tips on how to better mitigate its ups and downs so as to forestall the economic system from ever again from suffering from manic-despair, as it had prior to 1940; Keynesian economics was America’s lithium.
For WW II, America experienced a GDP decline of over 12%, which is fairly important, but, not like other warfare related recessions before it, …