The Economy: Insights from the Outside

"There have been four U.S. recessions in less than 15 years: no other advanced country has had so many. Moreover, although they have generally been milder than prewar downturns they have by no means been insignificant: they have certainly been more serious than any experienced in Western Europe since the war." Thus, in the current issue of London's Westminster Bank Review, British Economist Christopher W. McMahon, 34, enters upon "a longish look backwards and forwards" at the U.S. economy—and his foreign view proves that in economics as in a fast-moving football game, things often look different to the spectators than...

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