The Great Recession and the Great Depression
This paper discusses parallels between our current recession and the Great Depression for the intelligent general public. It stresses the role of economic models and ideas in public policy and argues that gold-standard mentality still holds sway today. The parallels are greatest in the generation of the crises, and they also illuminate the policy choices being made today. We have escaped a repeat of the Depression, but we appear to have lost the opportunity for significant financial reform.
The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.
Peter Temin, 2010. "The Great Recession & the Great Depression," Daedalus, vol 139(4), pages 115-124.