Around in Cycles

Back in 1934 two budding economists wondered, as others had before them, if sunspots affected agricultural production and thus food prices. When they studied sunspots they found that their wax & wane apparently bore no relation to the rise or fall of agricultural production. But they were amazed to find that sunspot activity coincided with the rise & fall of industrial production and of stockmarket prices.

Such startling coincidences—or, as some firmly believe, "causes"—have given rise to a new quasi-economic science which smacks of witchcraft, astrology and old-fashioned predestination. Biologists, astronomers,...

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