A critique of Powell, Woods, and Murphy on the 1920–1921 depression

  title={A critique of Powell, Woods, and Murphy on the 1920–1921 depression},
  author={Daniel Peter Kuehn},
  journal={The Review of Austrian Economics},
  • D. Kuehn
  • Published 1 September 2011
  • Economics
  • The Review of Austrian Economics
A series of recent reviews of the depression of 1920–1921 by Austrian School and libertarian economists have argued that the downturn demonstrates the poverty of Keynesian policy recommendations. However, these writers misrepresent important characteristics of the 1920–1921 downturn, understating the actions of the Federal Reserve and overestimating the relevance of the Harding administration’s fiscal policy. They also engage a caricatured version of Keynesian theory and policy, which ignores… 

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