The Panic of 1819 exerted a profound effect on American economic thought. As the first great financial depression, similar to a modern expansion-depression pattern, the panic heightened interest in economic problems, and particularly those problems related to the causes and cures of depressed conditions.

Related Quotes

Socialism is... not only a way of life, but a certain scientific approach to social and economic problems.

— Jawaharlal Nehru

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Keynes was scarcely a 'revolutionary' in any real sense. He possessed the tactical wit to dress up ancient statist and inflationist fallacies with modern, pseudoscientific jargon, making them appear to be the latest findings of economic science.

— Murray Rothbard

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He causes problems. He has improved his perimeter game so much.

— Flip Saunders

Orders were one of the key causes of the disputes and the problems.

Social economic problems do not exist everywhere that an economic event plays a role as cause or effect - since problems arise only where the significance of those factors is problematical and can be precisely determined only through the application of methods of social-economics.

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