The fundamental lesson of the Great Depression was that there are no cycles. Being down does not mean a later upswing with certainty. That we haven’t had a GD since 1929 is in large part due to an ability to constantly grow markets with cheap oil energy and new markets. But more importantly the US had a lot of power and regulatory oversight to keep it from happening. All of that is no longer the case, and we’re in danger of having another GD that could be even bigger from some estimates. Normalization “arguments” are bad arguments that disallow the discussion of deeper and more worrisome arguments. That’s why this article shouldn’t be welcomed too warmly.

Stanford economist explanation: https://www.fastcompany.com/90486801/top-economist-the-1930s...