…. with the high quality of their posts on the Great Depression debate. MR’s Alex Tabarrok et al really get into the topics.
I see that at the Atlantic Megan McArdle’s discussion includes some queries on the importance of Higgsian regime uncertainty. This is the theory that says the very discretion that Roosevelt derived from his landslide in 1936 scared markets. They just didn’t know what the president would do next.
For me the most convincing part of the regime uncertainty argument for the later 1930s is that the people of the time believed it.
To wit, an example from a headline in the New York Times of Oct 23, 1937:
Capital ‘Strikes’ Laid to Tax Laws; W. O’Neil, Head of General Tires, Says They Explain Present Business Uncertainties; Cites Labor Agitation