The Great Recession & the Great Depression
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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.
DepartmentMassachusetts Institute of Technology. Department of Economics
Temin, Peter. “The Great Recession & the Great Depression.” Daedalus 139.4 (2010): 115-124. © 2010 by the American Academy of Arts & Sciences
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