The Great Recession & the Great Depression
Author(s)
Temin, Peter
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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
2010-10Department
Massachusetts Institute of Technology. Department of EconomicsJournal
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