The History of Recessions


Joseph is an expert in macroeconomics: “The seven fat cows are seven years, and the seven full heads of grain are also seven years; they have the same meaning. The seven thin cows which came up later and the seven thin heads of grain scorched by the desert wind are seven years of famine. It is just as I told you—God has shown you what he is going to do.” (Interpretation of Pharaoh’s dreams Genesis 41:1-36)
Business cycles are not really cycles and seven is only a rough average for US economic history. But it is still impressive that this ancient piece of literature brings up issues of the bigger economy that shake the world to this very day.