Sunday, October 12, 2008

The Great Depression

Several years ago some UCLA economists made an interesting discovery:

"The fact that the Depression dragged on for years convinced generations of economists and policy-makers that capitalism could not be trusted to recover from depressions and that significant government intervention was required to achieve good outcomes," Cole said. "Ironically, our work shows that the recovery would have been very rapid had the government not intervened."

Wow, eh? Definitely something to think about as governments around the world intervene like mad in the current economic mess.

HT: Instapundit

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