"This paper argues that there may in fact be a very important link between the stock market crash and the acceleration of the decline in real output in late 1929 and throughout much of 1930."No kidding. You don't say. Are there really people out there arguing otherwise? Of course, economists never cease to disappoint me. Just when I start to feel that my opinion of the profession couldn't get any worse, I read some new whopper coming out of Cambridge or Hyde Park, like the theory that the Great Crash of 1929 and the Great Depression are unrelated events, or that the current increase in unemployment is caused by a contraction in labor supply...
Sunday, March 15, 2009
Romer: More of the same?
So, I just started in on a Christina Romer paper, and I read:
Posted by Thorstein Veblen at 1:31 PM