I have a correction to make in my piece Dangerous Lessons of 1937, published as a Mises Daily on 2 February 2010. The error was brought to my attention by Robert Murphy. I write:
Within that time period, the stock of money increased by 46% and the general price level by 31%.
The figure is attributed to [...]
Posts Tagged ‘1937’
Correction on “Dangerous Lessons of 1937″
Roosevelt’s Recession of 1937
Roosevelt’s Recession of 1937, which saw the unraveling of supposed economic growth in the prior years, is oftentimes used as an historical example of what occurs when government decreases spending levels or the central bank fails to continue credit expansion. The use of this event to exemplify these things is disingenuous. More accurate lessons can be drawn, which show that only the market can fix itself.
The Dangerous “Lessons” of 1937
The recession of 1937 provides a perfect case study to offer a vision of the future based on our current fiscal and monetary policies. It turns out that high government spending and intervention, mated with an inflationary monetary policy, caused the severe downturn of 1937. We are headed down that same road.
A New Perspective on Roosevelt’s Recession of 1937
From the essay “The Dangerous “Lessons” of 1937. Roosevelt’s Recession of 1937 may be more relevant to the current financial situation in the United States than the Crash of 1929. This is because we may be headed in the same direction.
Roosevelt’s Depression of 1937
The “Great Depression” is a thoroughly-studied event in the economic history of the United States. A less studied section of the Great Depression was the so-called “depression within a depression”, or “Roosevelt’s depression”. The monetarist theory is that the Federal Reserve ended its credit stimulus too early, or too abruptly, causing a decline in government and consumer spending. This latter argument is probably the more correct argument.
