Sommers, Albert T.
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Economics as a pragmatic, empirical science and therefore one from which can be drawn generalizations and inferences from the observation of many individual episodes. A knowledge of business cycles which, under ordinary circumstances, allows economists to say something about the future. However, currently there are no ordinary circumstances in the United States. A discussion and explanation of that thesis follows, in detail and with illustrative examples. An exploration of what the speaker thinks IS going on the United States with regard to the economy. Several issues are covered, with a final question "what is left of economic policy in the United States to confront recession, if it should actually occur?" and conclusions leading to a statement about the sluggish growth of the U.S. economy.