Source: Barry Eichengreen, "The Origins and Nature of the Great Slump Revisited" So U.S. real wages rose more or less throughout the Great Depression. During the Hoover years, you can write this phenomenon off as sticky wages plus the Federal Reserve's disastrous policy of deflation, plus some of Hoover's jawboning of executives to get them … Continue reading This One Figure Shows How the New Deal Made the Great Depression Worse (updated)
Once upon a time, local governments accounted for the lion's share of economic policy-making in the United States. Before World War I, not only was the federal government's economic policy-making activity strictly limited to areas such as international trade, management of federal lands, trust-busting, and food and drug regulation, but state governments themselves were also … Continue reading Who Killed Local Autonomy in the U.S.?
Garet Garrett in The People's Pottage (1953): In a revolutionary situation mistakes and failures are not what they seem. They are scaffolding. Error is not repealed. It is compounded by a longer law, by more decrees and regulations, by further extensions of the administrative hand. As deLawd said in The Green Pastures, that when you have … Continue reading Sunday Morning Quotation