nytimes.com - 11/22/2008
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The truth is that President Franklin D. Roosevelt changed course from year to year, trying a mix of policies, some good and some bad. >
krugman.blogs.nytimes.com - 11/29/2008
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krugman.blogs.nytimes.com —
Sins of omission? Has anyone else noticed that
the current crisis sheds light on one of the
great controversies of economic history? A central theme of Keynes's General Theory was the impotence of monetary policy in depression-type conditions. But ...
(more)
Was the Great Depression a monetary phenomenon?
online.wsj.com - 11/29/2008
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online.wsj.com —
Paul Krugman of the New York Times has
been on the attack lately in regard to the
New Deal. His new book "The Return of Depression Economics," emphasizes the importance of New Deal-style spending. He has said the trouble with the New Deal was that it ...
(more)
The Krugman Recipe for Depression
Comments
Blog Reactions
New Deal Policies Didn't End the Great Depression
CARPE DIEM —
... In short, expansionary monetary policy and wartime orders from Europe, not the well-known policies of the New Deal, did the most to make the American economy climb out of the Depression. Our current downturn will end as well someday, and, as in the ’30s, the recovery will probably come for reasons that have little to do with most policy initiatives. Tyler Cowen, professor of economics at George Mason University, in today's NY Times
What did we learn from the Great Depression?
Management R&D —
Those who ignore history are condemned to repeat the mistakes of the past: MONETARY POLICY IS KEY GET THE SMALL THINGS RIGHT He also took steps to strengthen unions and to keep real wages high. This helped workers who had jobs, but made it much harder for the unemployed to get back to work. One result was unemployment rates that remained high throughout the New Deal period. Today, President-elect Barack Obama faces pressures to make unionization easier, but such policies are likely to ...
Wading through the Swamp
Lawrance G. Lux —
Tyler Cowen and Christina Romer are very bright people who have faith in monetary policy, though I really have doubts of its efficacy. It works great when opportunity exists to absorb created Cash, but may fail drastically without mechanism to transfer that Cash to the Consumer for Consumption. The current Outcome of monetary policy has no structure to deliver the Cash to people who would buy the increased amount of Product hoped for by the Regulators. One should remember that this Crisis could be called the Consumer Cash Flow Recession, where they had incurred too ...
Sunday links: survival mode
Abnormal Returns —
... “Our current downturn will end as well someday, and, as in the ’30s, the recovery will probably come for reasons that have little to do with most policy initiatives.” (NYTimes.com) ...
The Reichstag fire of the financial world, part II: scapegoats and a bait-and-switch
Eidelblog —
... -- back to square one with a much greater national debt (which is what I mean by "worse"). Tyler Cowen explained why the New Deal didn't work (quite an amazing thing to be published in the NY Times!), and he previously ...
Did the New Deal ‘Help’?
Cato @ Liberty —
... * As Tyler Cowen points out, it’s wrong to think of the New Deal as a comprehensive, unified set of fiscal initiatives; FDR tried many different policies, and sometimes changed approaches, to fight the Depression. ...
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N/A
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