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Emptying out the Teapot

July 5, 2011 - Harry Eagar
I've been feeling mighty lonely for the past 30 years, as everybody else who writes about business decided the Great Depression and its lessons were irrelevant. Since my economic ideas are almost entirely derived from the '20s (phony prosperity) and '30s (real disaster), and since the single thinker who influenced me most was Rexford Guy Tugwell, it looked like I was just a dumb old mossback who had been passed by.

Turns out that the Great Depression is still relevant, although the lessons were never learned by the rightwing. and were forgotten by the leftwing.

Comes now Brad DeLong, big time liberal economist at Berzerkley, to confess the error of his ways. At Bloomberg, that bastion of unfettered finance capitalism, no less.

Maybe people are beginning to wake up.

Anyhow, I recommend the whole thing, and defy the Tea Party to explain where DeLong (and Hicks, his mentor) are in error.


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