The Great Recession & the Great Depression

  title={The Great Recession \& the Great Depression},
  author={Peter Temin},
  • P. Temin
  • Published 1 October 2010
  • Economics
  • Daedalus
John Maynard Keynes wrote that “[p]ractical men, 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. I pursue the parallels between these two watersheds in recent economic… 
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