The New Deal prolonged the depression!

Ubereil

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Since I don't know that much about the depression (it was caused by pepole spending tons of money they didn't have on things that weren't real, or something like that) and even less about economy I don't know how to respond to that statement. Some help from the more knowing on the forum, please?

Übereil
 
Joined
Jul 11, 2007
Messages
1,263
Location
Sweden
Since I don't know that much about the depression (it was caused by pepole spending tons of money they didn't have on things that weren't real, or something like that) and even less about economy I don't know how to respond to that statement. Some help from the more knowing on the forum, please?

Ugh, that's a common meme in the right-wing blogosphere. It's not true, though, but unfortunately it's one of the things V7 was talking about in his Analyzing Arguments thread. IOW, the real explanation is complex, requires a grasp of non-trivial economic theory and history, and examination of a non-trivial amount of data.

The shortest halfway intelligible explanation I can find is here: [ http://krugman.blogs.nytimes.com/2008/11/08/new-deal-economics/ ].
 
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