In economics, the Great Moderation refers to a reduction in the volatility of business cycle fluctuations starting in the mid-1980s, believed to have been caused by institutional and structural changes in developed nations in the later part of the twentieth century. Sometime during the mid-1980s major economic variables such as real GDP growth, industrial production, monthly payroll employment and the unemployment rate began to decline in volatility.
Read more about Great Moderation: Origins of The Term, Causes, Effects, Possible End
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“Whilst shame keeps its watch, virtue is not wholly extinguished in the heart; nor will moderation be utterly exiled from the minds of tyrants.”
—Edmund Burke (1729–1797)