Production Trends in the United States Since 1870
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Burns was a leading American expert on business cycles, one of the keenest American critics of Keynes and Chairman of the Board of Governors of the Federal Reserve System. His first major research project remains an outstanding contribution to the economic measurement of increase of production based on painstaking examination of growth rates in individual industries decade by decade since 1870, noting the nearly universal tendency toward retardation. "Despite the tendency ... Burns noted ... growth of new industries would itself help to maintain rapid growth in total output." The New Palgrave
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