The BIS is now advocating a position indistinguishable from that of Schumpeter in the 1930s, opposing any monetary expansion because that would leave "the work of depressions undone".
Don't try to hasten recovery, warned the famous economist Joseph Schumpeter, because "artificial stimulus leaves part of the work of depressions undone".
It's a long lineage, going back at least to Schumpeter's warning that easy money would leave "part of the work of depressions undone" and Hayek's inveighing against the "creation of artificial demand".
Schumpeter declared that Any revival which is merely due to artificial stimulus leaves part of the work of depressions undone Hayek similarly decried any recovery led by the "creation of artificial demand".
Second — and this goes deeper — I suspect that we're seeing the old Schumpeter "work of depressions" mentality, the notion that all the suffering going on somehow serves a necessary purpose and that it would be wrong to mitigate that suffering even slightly.
Vertigo was the last wordless novel Ward was to complete, and has come to be seen as his masterpiece; cartoonist Art Spiegelman called it "a key work of Depression-era literature".
Despite a usable tradition that goes back at least to the work of Depression-era journalist Carey McWilliams, most of the stories that are commonly told about Los Angeles are tragically inadequate.
A survey by the Depression Alliance charity, published alongside the report, found that one in three people across the UK struggles to cope at work because of "depression, stress or burn-out".
Tom Breihan of The Village Voice found it to be "a work borne of depression" and dubbed it as West's "superstar-freakout album: his Low, his Trans, his Kid A. The one where he decides that frozen remoteness is the only thing that makes sense".
Data on lifetime stress or worry about common life events/difficulties (i.e., romantic breakups, family disruption, interpersonal difficulties, and personal stress (health, weight, school work)), symptoms of depression, conduct disorder symptoms, and substance use were collected from 1025 grade 7 students (mean age 12.9 years; 45% male).
I am casting no aspersions on the director when I say that "The Saddest Music in the World" is a work of manic depression.
