It's 1873 And The Great Depression All Over Again

The model for our current economic crisis should be, economic historian Scott Reynolds Nelson writes, not the Great Crash of 1929 but the Great Depression of 1873. Read it, and see if you're not convinced. And thanks to Tyler Cowen, who linked to this on his Marginal Revolution blog. In another interesting post, Cowen argues that fiscal stimulus has never revived the macroeconomy, anywhere, anytime.

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By Michael Barone