http://www.econbrowser.com/archives/2013/01/guest_contribut_33.htmlThe year 2013 marks the 100th anniversaries of two separate major institutional innovations in American economic policy: the Constitutional Amendment enacting the federal income tax, ratified in February 3, 1913, and the law establishing the Federal Reserve, passed in December 1913.
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After World War II, the lessons of the 1930s were incorporated into all the macroeconomic textbooks and, to some extent, into the beliefs and actions of policy-makers. But many of these lessons have been forgotten in recent decades, crowded out of public consciousness by experiences such as the high-inflation 1970s. As a result, many politicians in advanced countries are repeating the mistakes of 1937 today.
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