"One other myth Field dispels about World War II, probably one of the most widely-believed myths, even by economists, is that World War II ended the Great Depression. Field notes that unemployment was falling rapidly in 1941 and that the unemployment rate for the last quarter of 1941 (the government did not collect monthly data back then) was down to 6.3 percent."
Friday, November 4, 2011
More evidence against the idea that World War II ended the Great Depression
See The Roaring Thirties by David Henderson of EconLog. He reviews Alexander J. Field's book A Great Leap Forward: 1930s Depression and U.S. Economic Growth. Excerpt:
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.