David R. Henderson  

Gene Smiley on the Great Depression

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One of the commenters, mark, on Arnold's post today on the Great Depression noted that Gene Smiley has a book out on it. The book is excellent. I asked Gene to put in a few thousand words the highlights of the book as one of the articles in The Concise Encyclopedia of Economics. He did so and I use his article as a reading when I teach about the Great Depression. Here it is.


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COMMENTS (3 to date)
Various writes:

Wow, that's impressive! I think that's the best summary of the Great Depression I've ever seen, by a wide margin.

Jeff Halllman writes:

Pretty good, but he doesn't say much about Scott Sumner's favorite demonstration of the power of quasi-monetarism: When Roosevelt devalued the dollar and went off the gold standard in 1933, the response was massive and almost immediate. Industrial production rose 57 percent in four months. Wholesale prices increased 14 percent. This was by far the biggest monetary shock and response ever seen in the U.S.

jfcote writes:
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