My latest Macro Musings podcast is with Jason Taylor. Jason is a professor of economics at Central Michigan University and is editor-in-chief of the journal Essays in Economic & Business History. He has published widely on U.S. economic history, particularly for the Great Depression and World War II periods.
Jason joins the show to discuss the causes of the Great Depression and the policy under Herbert Hoover and Franklin D. Roosevelt. We cover policies ranging from the international gold standard to the National Industrial Recovery Act and how they affected the pace of recovery. We also look at the brief but amazing recovery of early-to-mid 1933, one of the sharpest recoveries on record (it can be vividly seen in the industrial production).
Another interesting question we discuss is when the recovery truly began from the Great Depression. Standard economic indicators show the recovery began during World War II. But this was a wartime economy, so when did the peacetime recovery begin? Jason and I discuss how to best think about the recovery during this time.
We also explore the possibility that large public spending during the New Deal and World War II may have facilitated a "Big Push" that helped modernize the American South. Jason and some coauthors have published an interesting article that argues that this indeed was the case.
This was fascinating conversation throughout.
Jason Taylor's webpage