But episodes in recent decades – for example, high inflation in the 1970’s – overwhelmed much of what was learned. As a result, many advanced countries today are repeating the mistake of 1937, despite facing similar macroeconomic conditions: high unemployment, low inflation, and near-zero interest rates.
在二战后，学生和政策制定者都吸收了1930年代的教训。但近几十年来发生的事情——比如1970年代的高通胀水平——压倒了过往的大部分经验。因此很多发达国家现在都在重复1937年时所犯的错误——尽管面临着相似的宏观经济条件：高失业率，低通胀水平以及近乎零的利率。