Up until the Depression, recession had a moral character: it was supposed to purge the body economic of the greed and excess that attends a business expansion.
James BuchanThe prevailing ideology of the modern west - which is political economy - is in the doghouse. Having failed to notice atmospheric pollution, the economists then frightened themselves with the sort of financial crisis they said they had abolished.
James BuchanIn modern society, where most people live in cities, and where both needs and wishes are absolved through the same remote agency - money - the distinction between wishes and needs has altogether vanished.
James Buchan