Earlier this week, Robert Higgs, Senior Fellow in Political Economy at The Independent Institute, spoke about the similarities and differences between the Great Depression and the current recession at the Economic Liberty lecture series. Although he finds considerable differences between the two events, he feels there are only a few similarities between the Great Depression and the current recession.
Below are my notes of his presentation.
There are some similarities as well as differences.
The media and journalists have rushed to see these similarities.
I was shocked.
The Great Depression was so much more horrible, devastating, than the current recession.
They were using this talk to sell some type of policy to the people who look to the government for answers.
I don’t feel the two events are fully comparable.
People would be much happier living through today’s recession than during the Great Depression.
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