In the classic old business cycle, there would be a diminution in sales; it would take a little while for this information to reach corporate headquarters. And there would be an inventory pileup. And then - bam - businesses would react, sometimes violently, by cutting production.
Alan BlinderPublic opinion is presumptively an input to policy formation in a democracy because politicians respond to it or at least are believed to respond [to it].
Alan BlinderIf you try to give an on-the-one-hand-or-the-other- hand answer, only one of the hands tends to get quoted.
Alan Blinder