marginalrevolution.com - 11/10/2008
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My little spat with with Rauchway regarding unemployment during the Great Depression draws in Paul Krugman . Krugman doesn't respond to any of my arguments but he does give us the old line that fiscal policy didn't fail during the Great Depression it wasn't tried.
Now, you might say ...
boston.com - 11/17/2008
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boston.com —
OVER THE PAST few months, Americans have been
hearing the word "depression" with unfamiliar and alarming regularity.
The financial crisis tearing through Wall Street is routinely described as the worst since the Great Depression, and the recession ...
(more)
Depression 2009: What would it look like?
reuters.com - 11/12/2008
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reuters.com —
NEW YORK (Reuters) - The economy faces a
slump deeper than the Great Depression and a growing
deficit threatens the credit of the United States itself, former Goldman Sachs chairman John Whitehead, said at the Reuters Global Finance Summit on ...
(more)
Whitehead sees slump worse than Depression
| ...
Comments
Blog Reactions
Krugman, FDR & Keynesian Policies
Stefan Karlsson's blog —
... Secondly, as Alex Tabbarok points out, one reason why the increase in the deficit were limited was because first Herbert Hoover and then Franklin Roosevelt implemented significant tax increases ( ...
Tax Policy during the Great Depression
Greg Mankiw's Blog —
Thanks to Alex Tabarrok for the pointer.
Government Purchases: 1932 to 1941
EconoSpeak —
Let’s return to the discussion of New Deal economics, that is the role of fiscal policy during the first two FDR administrations and look at the discussion from Alex Tabarrok: Thus, an accurate portrayal of fiscal policy during the Great Depression - entirely consistent with Krugman - is that we had much greater spending, much greater taxes and not much economic stimulus. Raising tax rates during a period when aggregate demand falls far short of potential GDP does seem silly but I have to ...
New Deal Panel
EconLog: Library of Economics and Liberty —
... on the New Deal, featuring Russ Roberts, Lee Ohanian, David Kennedy, Eric Lascelles, and Joe Martin. Random observations: 1. Kennedy and Lascelles, the most pro-Roosevelt guys on the panel, strangely torpedo their own cases by affirming that the New Deal provided fiscal stimulus. Why don't they make the Krugman/Tabarrok point that the New Deal sharply raised spending and taxes? 2. Ohanian emphasizes that the New Deal failed in its primary goal: restoring employment. Kennedy's response to Ohanian is amazing: Restoring employment during this "transient" episode (10 ...
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nakedcapitalism.com 4/7/2009 — Barry Eichengreen, an expert on the Great Depression, and Kevin O'Rourke, take issue with the notion that the current downturn is less severe than the Great Depression. While the slump in the US is not as bad, that mis-states the global picture. ...
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Benjamin Roth was born in New York City in 1894 and moved shortly thereafter to Youngstown, Ohio. He received a law degree and moved back to Youngstown after serving as an Army officer during World War I. When the stock market crashed in 1929, he ...
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