The Great Depression that didn’t happen
Posted by rantingkraut on June 14, 2009
From David Friedman:
“We can learn a little more by looking at a different Great Depression—the one that didn’t happen. From 1920 to 1921, the consumer price index fell by 10.8%, more than in any year of the Great Depression; it fell another 2.3% in the next year. Unemployment rose to about its 1931 level. Looking just at that data, it’s obviously the start of a depression.” (Source)
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