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The Great Test Of Economic Intervention

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Executive Summary

One of the constant refrains of the new boomsayers, rally-rompers, and green shootists is that we're not likely to experience a redux of the Great Depression. This time things will be different, largely because we have a much different kind of government than we had in 1930. Unfortunately, there is little reliable data or theory to tells us the economy is not heading toward a repeat performance of the Great Depression. Of course, no one wants to see a situation where the real gross domestic product in the United States declines 27 percent and unemployment soars to 25 percent, as it did in the worst years of the Great Depression. Our recession is already tough enough.

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