ON CRISIS AND ADJUSTMENT [1939]

The character of the relationship between economic science and economic policy has always been problematical.1 Nor were there any reasons to expect that our own epoch would improve upon an age in which free trade was the teaching of science and protection the order of the day. Nevertheless, it is difficult to believe that future historians of economic thought will feel inclined to describe the attitude of economics to the pressing problems of our days as anything but a disheartening spectacle. And nowhere is this more true than in the field of the business cycle.