McWilliams: Economic Lessons from the Age of the Pharaohs

“Joseph urged the Pharaoh to set aside one fifth of the crop in the good times and store the grain to ease the famine in the bad times, because if he didn’t do that, the good times would be forgotten and all the people would remember was the bad times. This wouldn’t be politically good for the Pharaoh.”

“This is where economics began, on the shores of the Nile. This is where the Hebrew Joseph began to interpret the dreams of the Pharaoh, claiming that the economy moved in cycles. This was also the birth of the seven-year business cycle, plus countercyclical macro policy.”

David McWilliams looks in the past and ahead at the effects of enormous debt accumulation in a world where another seven-year business cycle is ending. The full article can be read here.

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