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The Great Recession & the Great Depression

Author(s)
Temin, Peter
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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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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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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.
Date issued
2010-10
URI
http://hdl.handle.net/1721.1/60250
Department
Massachusetts Institute of Technology. Department of Economics
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
ISSN
0011-5266
1548-6192

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