Open AccessThe Great Recession & the Great Depression
Author(s) -
Peter Temin
Publication year - 2010
Publication title -
daedalus
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.34
H-Index - 55
eISSN - 1548-6192
pISSN - 0011-5266
DOI - 10.1162/daed_a_00048
Subject(s) - great depression , great recession , depression (economics) , recession , economics , keynesian economics , political science , law
In the depths of the Great Depression,John Maynard Keynes wrote that “[p]racticalmen,who believe themselves to bequite exempt from any intellectual influence,are usually the slaves of some defuncteconomist.”1 This acute observationis applicable to our current GreatRecession as well. In fact, the newly discreditedideas are not all that differentfrom the old, suggesting that Keynes mayhave overestimated people’s ability tolearn from their mistakes
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