tag:blogger.com,1999:blog-5713178645208582139.post1783725212153685716..comments2024-03-22T02:37:15.030-05:00Comments on Macro Musings Blog: About That Economic Downturn of 1873...David Beckworthhttp://www.blogger.com/profile/04577612979801459194noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-5713178645208582139.post-37387691045695828312009-02-26T17:14:00.000-06:002009-02-26T17:14:00.000-06:00I suppose 2 things come to mind: 1. It reminds us ...I suppose 2 things come to mind: <BR/>1. It reminds us of how GDP was increasing over 2008, even though there was much pain in the jobs market.<BR/>2. How much of the 1873-1896 depression was an agricultural phenom - in other words, a (severe) relative price shock. It was the farmers who hurt the most, so industrial production is not much help in understanding the pain.<BR/>I think Hugh Rockoff Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-40324200092534861192009-02-25T00:24:00.000-06:002009-02-25T00:24:00.000-06:00In popular memory the period from 1873 to 1879 was...In popular memory the period from 1873 to 1879 was referred to as the "great depression" until the 1930s usurped the name, so I would imagine that there must have been a great deal of economic hardship.Unknownhttps://www.blogger.com/profile/04645532258896230557noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-58397725708297865902009-02-24T08:35:00.000-06:002009-02-24T08:35:00.000-06:00Milton:Some observers do call this period a long d...Milton:<BR/><BR/>Some observers do call this period a long depression. I suspect they do so because there was secular deflation during this time. Between 1866 and 1897 the price level declined about 2% a year. Since most observers associate depression with deflation they make the leap that the period was one long depression. The problem with this view is that this period was also one with David Beckworthhttps://www.blogger.com/profile/04577612979801459194noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-11541157365470505102009-02-24T03:28:00.000-06:002009-02-24T03:28:00.000-06:00What is the President and CEO of the Dallas Federa...What is the President and CEO of the Dallas Federal Reserve Bank Richard Fisher referring to when he says that there was a "Long Depression" that lasted from 1873 to 1896. See the CSPAN link below to his Feb 2, 2009 interview at the 1:15 minute mark to the 2 minute mark.<BR/><BR/>http://www.c-span.org/Watch/watch.aspx?ProgramId=Economy-A-40471Milton Rechthttps://www.blogger.com/profile/02488660316957122768noreply@blogger.com