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On the verge of the year 2000, many people are filled with hope and trepidation. New technologies, and new social and political arrangements offer mankind both the promise of higher standards of living and expanded human freedom, and the threat of even more powerful central government. For many, the year 2000 is to be a year of jubilee, the 2000th

During the mid-1980s, one of the kookier things I as an economist and a sane person had to deal with was Dr. Ravi Batra’s monster best-seller The Great Depression of 1990 , published by Simon and Shuster. Dr. Batra prophesied--er, I mean forecasted--that the year 1990 would begin a cataclysmic, seven-year, world-wide depression. If there was