Over at econlib David Henderson has some great material on Harding and stimuli. Recall that in that era they let wages and prices fall. Ionides writes that more detail on this recession is in George Reisman, Capitalism. Got to check it out.
Someone asked me today what changed in the intellectual world that made it possible for skepticism about the New Deal to be expressed in the general public. I thought the question was a bit forced. One could always express skepticism! Even in the 1970s.
Still, some shift that has taken place. And that has to do with….
a) The ending of the Fairness Doctrine
b) The resurgence of the Austrians and the rise of the public choicers
c) Their ability to use new media creatively — Russ Roberts, who puts econ in LOVE stories, how improbable. Reason TV, libertarians who do tv! Econlib is a superb source, I use it all the time. A lib that outdoes the old libs. What a good job Liberty Fund, Russ, Arnold Kling, and a few others have done with econlib. Ditto for John Tamny at RCM, Realclearmarkets.com.
d) The strong economic growth of recent decades.
e)?? Add yours.