Lessons from the Great Depression

Overview

Do events of the 1930s carry a message for the 1990s? If there is one key lesson to be learned, Peter Temin points out, it is that political ideology drives economic events. The Great Depression was caused by politicians and policymakers following the wrong economic ideology, not by a mechanical breakdown of the system.

Lessons from the Great Depression provides an integrated view of the depression, covering the experience in Britain France, Germany, and the United States. It ...

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Overview

Do events of the 1930s carry a message for the 1990s? If there is one key lesson to be learned, Peter Temin points out, it is that political ideology drives economic events. The Great Depression was caused by politicians and policymakers following the wrong economic ideology, not by a mechanical breakdown of the system.

Lessons from the Great Depression provides an integrated view of the depression, covering the experience in Britain France, Germany, and the United States. It describes the causes of the depression, why it was so widespread and prolonged, and what brought about eventual recovery.

Temin finds parallels today in the relentless deflationary course followed by the VS. Federal Reserve Board and the British government in the early 1980s, and in the dogged adherence by the Reagan administration to policies generated by a discredited economic theory - supply side economics.

Throughout this informative and highly readable account, Temin searches for and identifies guidelines for the economic and political decisions to be made in the final decade of this century. He considers the proper role of economic and political models and ideologies in the fashioning of economic policy, the advantages and disadvantages of international economic cooperation and long term versus short term focus in the making of economic policy

Peter Temin is Professor of Economics at MIT. Lessons from the Great Depression is included in the Lionel Robbins Lecture Series.

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Editorial Reviews

Booknews
Based on the proceedings of an October 1986 conference in Philadelphia. Topics include the intergenerational transfer of resources, the role of employers, reimbursement changes, Medigap, health promotion and prevention, long-term care provisions, and options for the future of Medicare. Temin economics, MIT provides a brief but powerful view of the Depression, covering the experience in Britain, France, and the US. He describes the causes and effects of the Depression as well as the eventual recovery. He explains events within a unified Keynesian model of the international economy, and suggests contemporary applications. Annotation c. Book News, Inc., Portland, OR booknews.com
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Product Details

  • ISBN-13: 9780262200738
  • Publisher: MIT Press
  • Publication date: 11/1/1989
  • Series: Lionel Robbins Lectures for 1989
  • Pages: 212
  • Product dimensions: 5.60 (w) x 8.35 (h) x 0.77 (d)

Meet the Author

Peter Temin is Elisha Gray II Professor Emeritus of Economics at MIT and the author of Lessons from the Great Depression (MIT Press) and other books. Temin and Vines are coauthors of The Leaderless Economy: Why the
World Economic System Fell Apart and How to Fix It.
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