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Cowen on Great Depression
http://econlog.econlib.org/ archives/ 2008/ 11/ cowen_...
I work as little as possible on my birthday (November 21), which is why I didn't post yesterday. Tyler Cowen's column in yesterday's New York Times is excellent and I want to note some highlights, with my additional thoughts, and two criticisms. Tyler points out what we know about the causes of the Great Depression and what ended it. He highlights the monetary contraction, which Milton Friedman and Anna Scwhartz did such a great job of explicating in their classic, "A Monetary History of the United States." Incidentally, remember how Mark Twain defined a classic: a book that everyone wants to have read and nobody wants to read.
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