People usually think recessions are bad. Are they in fact necessary? Akin to naturally occurring small forest fires…those are good otherwise there could be a mega fire.
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The modern economic order has only really existed since the 1940s or so, and much of the reforms that followed the Great Depression and World War II were only slowly put in place until the 1970s, so there’s no a lot of evidence to really be entirely sure if growth/recession cycles are actually necessary.
What we do know for sure, though, is that modern economies, recessions and all, are still incredibly better for the average normal person than the previous economic order. Even the very worst economic swings of the past 70 years have been just a drop in the bucket compared to the absolutely country-wrecking effects of the Great Depression or any number of other previous economic crises across Europe.
To adapt a quote about democracy: “Everyone knows it’s the worst economic system, except for all those other economic systems that have been tried from time to time.”
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