CARPE DIEM: Some Lessons From the Great Depression

Hoping (but not really expecting) this government takes this lesson to heart.

"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."

CARPE DIEM: Some Lessons From the Great Depression