A Post Keynesian Perspective: The US Recession of 1920–1921: Some Austrian Myths

Social Democracy for the 21st Century: A Post Keynesian Perspective: The US Recession of 1920–1921: Some Austrian Myths

The biggest Austrian Economics myth was that the 1920-21 Depression was a credit crisis. It was not. Therefore, credit was available once companies retooled from war time to peace time production.

It is very important to realize that our 2008 meltdown was a credit event, which takes much longer to rectify. 

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