The New Deal consisted of two quite different sets of cards. One represented the combined economic wisdom of army generals, farm activists, business leaders, distinguished economists. The other represented the wisdom of ward politicians, social workers, and some economists.Mais
The first set of policies hamstrung business by pushing prices and output around in such unpredictable ways, and by vague promises of “reform,” that it delayed the new investment that would otherwise increase jobs and speed recovery. So contended Schumpeter, saturnine, shrewd supporter but critic of capitalism. And so agreed Robert Aaron Gordon, liberal and Keynesian though he was.
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Quotation of the Day…
… is from page 461 of economic historian Stanley Lebergott’s comprehensive, eloquent, and wise 1984 volume, The Americans: An Economic Record; specifically, this passage is from Chapter 35 (“The New Deal”) [footnote excluded; links added {these links are to the two books that Lebergott cites to confirm his claims about Schumpeter's and Gordon's criticisms of the New Deal}]:
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- Mercado De Trabalho
A new study argues cutting unemployment benefits created 1.8 million jobs Just looking at the economy's overall size, you wouldn't think that the last year was much different from any of the others since the recession. The U.S....
- A Grande Depressão
Symposium on the Great Depression Staff: Amity Shlaes, Former Hayek Senior Fellow for Political Economy March 30, 2009 - New York, NY "History is an argument without end. That is why we love it so." These words come from the late scholar of the...
- David Stockman Sobre A Grande Depressão
That the New Deal had virtually nothing to do with modern Keynesian theories of countercyclical demand management is crucial to understanding the nation’s present economic deformations. Contrary to the claims of unreconstructed Keynesians like Professor...
- Como A Política Econômica De Roosevelt Prolongou A Grande Depressão
President Franklin Roosevelt's "New Deal," has long been credited with rescuing the nation from the Great Depression of the 1930's. Lee Ohanian, Professor of Economics at UCLA, challenges this conventional wisdom in a provocative examination...
- Novo Libro Sobre A Grande Depressão
The Politically Incorrect Guide to the Great Depression and the New Deal. By Robert P. Murphy. Regnery, 2009. 199 pages. Robert Murphy demonstrates in this excellent book a penetrating ability to explain the essence of fallacious economic doctrines....