Not Another Great Depression

May 12, 2009 at 1:54 pm (By Randy)

Economic historian Price Fishback posted the first of three guest columns on the Freakonomics blog yesterday:

Over the past couple of decades, every time we have experienced a slowdown in the American economy, the media mentioned the possibility that this is the next Great Depression. Maybe this is a natural response to the relative lack of downturns over the past 20 years. After experiencing a downturn once every three to seven years for nearly two centuries, the U.S. economy has been averaging a downturn about once every nine or ten years since the early 1980’s. As declines in the economy have become rarer, perhaps people have become more sensitive to them.

(Check out the links to his earlier guest posts about the chances that a stimulus package will work and the New Deal-era Home Owners Loan Corporation, too.)




  1. Maxwell said,

    I endanger my probably-pointless anonymity somewhat by saying this, but he was my economics professor in biz school, and a good one. I don’t agree with all of his politics, but he’s a mensch and a smart cookie, and should be taken seriously on these topics.

  2. mileslascaux said,

    I’ll add my endorsement of his work, prior to reading this piece, having read some of his pieces on American economic history. It’s a name you remember : )

  3. mileslascaux said,

    I especially recommend this book for informed non-economists.

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