"Policies that have never been seen before" seem to describe a good part of the last century, which has certainly had booms and busts, but the novelty has been

"Policies that have never been seen before" seem to describe a good part of the last century, which has certainly had booms and busts, but the novelty has been more of a constant. We just don't have that long a history of modern economics. We've been flying by the seat of our pants the whole time.