Economics 353 Lecture 20

Economics 353 Lecture 20 - Economics 353 Lecture 20 The...

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Economics 353 Lecture 20 The Great Depression
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Great Depression Worst period for the economy in the history of the US. We stand now on the verge of what could be a recession. Are there any similarities? What are the differences? Could a depression happen again?
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Great Depression Normally considered to start with the stock market crash in October 1929, but there were signs earlier. It did not end until WWII in Europe stimulated the US economy. Can our economy thrive without wartime spending?
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Explanations Demand-side Monetary
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Change in GDP
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Consumption Stock market crash had a number of effects on consumption. People’s wealth decreased. People’s incomes fell. Falling prices meant that debt had to be repaid with more expensive dollars.
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Net private investment was negative for five years during the Great Depression. This means that the real capital stock of
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This note was uploaded on 09/20/2011 for the course ECO 353 taught by Professor Johnrizzo during the Spring '11 term at SUNY Stony Brook.

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Economics 353 Lecture 20 - Economics 353 Lecture 20 The...

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