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Quotation of the Day…
Posted By Don Boudreaux On November 18, 2012 @ 7:44 am In Great Depression,Politics,Stimulus | Comments Disabled
… is from page 103 of John Wallis’s 1993 essay “The Great Depression: Can It Happen Again?” – which is chapter 12 of the knowledge-packed, Deirdre N. McCloskey-edited volume Second Thoughts :
The most important lesson to be learned from the 1930s is that in a crisis it is politics, not economics, that determines what the goals of government policy will be. Politically expedient policy can yield disastrous economic results.
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