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Higgs on Lebergott on the Great Depression
Posted By Don Boudreaux On July 14, 2013 @ 1:13 pm In Great Depression,Myths and Fallacies,State of Macro | Comments Disabled
Splendid quote from my old friend Stan Lebergott (RIP). Those who say that regime uncertainty was irrelevant or not of major importance as a causal factor in determining the contours of the Great Depression are, in effect, saying either that private investors don’t care about the expected security of their property rights or that economic recovery can be generated by monetary and fiscal stimuli even if private investment does not recover. The former is prima facie stupid and the latter amounts to forgetting where the economic growth babies come from.
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