| Final-Fan said: I admit I didn't read the last two posts, but I have a question that might put out some of the fire: Jackson, are you saying that the New Deal prolonged the Great Depression OVERALL, or are you saying that SOME PARTS of the New Deal had a negative effect while others had positive effect that outweighed the negatives? |
Well, it did prolong it overall. They were curious as to why the recovery had been insipidly weak, and they found the answer. As concurrent with basic economic theory, price fixing and wage fixing had marked negative impacts on the economy.
^^We did have a recession in the late 30s, but to say that was after FDR abandoned his Keynesian ideas is specious. FDR enacted a massive multi-billion dollar spending program in early 1938.
See, you are attempting to paint me as someone opposed to all forms of intervention, and you are treating all forms of intervention as equal. As I demonstrated earlier in this thread, I advocate intervention when it works. However, I do not advocate intervention that impedes our economy. This includes allowing price collusion and artificially inflating wages.
