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dc.contributor.authorHannsgen, Gregen_US
dc.contributor.authorPapadimitriou, Dimitri B.en_US
dc.date.accessioned2012-04-12T14:21:14Z-
dc.date.available2012-04-12T14:21:14Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/57023-
dc.description.abstractSince the current recession began in December 2007, New Deal legislation and its effectiveness have been at the center of a lively debate in Washington. This paper emphasizes some key facts about two kinds of policy that were important during the Great Depression and have since become the focus of criticism by new New Deal critics: (1) regulatory and labor relations legislation, and (2) government spending and taxation. We argue that initiatives in these policy areas probably did not slow economic growth or worsen the unemployment problem from 1933 to 1939, as claimed by a number of economists in academic papers, in the popular press, and elsewhere. To substantiate our case, we cite some important economic benefits of New Deal-era laws in the two controversial policy areas noted above. In fact, we suggest that the New Deal provided effective medicine for the Depression, though fiscal policy was not sufficiently countercyclical to conquer mass unemployment and prevent the recession of 1937-38; 1933's National Industrial Recovery Act was badly flawed and poorly administered, and the help provided by the National Labor Relations Act of 1935 came too late to have a big effect on the recovery.en_US
dc.language.isoengen_US
dc.publisherLevy Economics Inst. Annandale-on-Hudson, NYen_US
dc.relation.ispartofseriesWorking paper, Levy Economics Institute 581en_US
dc.subject.jelE20en_US
dc.subject.jelE62en_US
dc.subject.jelJ58en_US
dc.subject.jelL43en_US
dc.subject.jelN12en_US
dc.subject.ddc330en_US
dc.subject.keywordNew Dealen_US
dc.subject.keywordpublic works projectsen_US
dc.subject.keywordNIRAen_US
dc.subject.keywordNLRAen_US
dc.subject.keywordcartelizationen_US
dc.subject.keywordunionsen_US
dc.subject.keywordlabor relations policyen_US
dc.subject.keywordfiscal policyen_US
dc.subject.keywordfiscal stimulusen_US
dc.subject.keywordunemploymenten_US
dc.subject.keywordGreat Depressionen_US
dc.titleLessons from the New Deal: Did the New Deal prolong or worsen the Great Depression?en_US
dc.typeWorking Paperen_US
dc.identifier.ppn621621803en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Working Papers, Levy Economics Institute of Bard College

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