The Great Recession & the Great Depression
Name
Temin-2010-The Great Recession.pdf
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773.48 KB
Format
Adobe PDF
Checksum (MD5)
028277bcaae7be960eca7227e6d6aa78
Author(s)
Temin, Peter
Date Issued
October 2010
Journal
Daedalus
Publisher
MIT Press
Citation
Temin, Peter. “The Great Recession & the Great Depression.” Daedalus 139.4 (2010): 115-124. © 2010 by the American Academy of Arts & Sciences
Version
Final published version
Abstract
In the depths of the Great Depression,
John Maynard Keynes wrote that “[p]racticalmen,
who believe themselves to be
quite exempt from any intellectual influence,
are usually the slaves of some defunct
economist.”1 This acute observation
is applicable to our current Great
Recession as well. In fact, the newly discredited
ideas are not all that different
from the old, suggesting that Keynes may
have overestimated people’s ability to
learn from their mistakes.
MIT Department
Massachusetts Institute of Technology. Department of Economics
Terms of Use
Article is made available in accordance with the publisher's policy and may be subject to US copyright law. Please refer to the publisher's site for terms of use.
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DOI of Published Version
https://doi.org/10.1162/DAED_a_00048
