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| Director: | Amity Shlaes, Senior Fellow for Economic History |
|---|
March 30, 2009 - New York, NY
"History is an argument without end. That is why we love it so."
These words come from the late scholar of the New Deal, Arthur Schlesinger, Jr. Schlesinger in turn was quoting a colleague, the historian, Pieter Geyl. It is in Schlesinger's collegial spirit that the Council on Foreign Relations and NYU/Stern host scholars to discuss findings new and old about the single most important economic event in America's history, the Great Depression. What caused the Depression? What was the role of financial institutions in panic and recovery? What was the New Deal's role in this crisis? What lessons can we take away for dealing with our current crisis? Given the current challenges to the economy, a second look at that most relevant period becomes crucial. Nobel Prize winning economists, scholars, historians, writers, and policymakers will converge from across the country to both "get granular" and begin to draw broad conclusions in this day-long inquiry.
Cosponsor of this symposium is Dean Thomas Cooley of the Leonard N. Stern School of Business, New York University.
The conference is also supported by a special grant from the Ewing Marion Kauffman Foundation.
Symposium Summary Report (PDF, 160K)
Meetings
A Second Look at the Great Depression and New Deal, Session One: The 1920s - Bubble, Growth, or Gold?
Related Project: Symposium on the Great Depression
| Introductory Speaker: | Richard N. Haass, President, Council on Foreign Relations |
|---|---|
| Panelists: | Michael Bordo, Professor of Economics and Director, Center for Monetary and Financial History, Rutgers University |
| Edward C. Prescott, 2004 Nobel Laureate in Economic Sciences; W. P. Carey Chair of Economics, W. P. Carey School of Business, Arizona State University | |
| Benn Steil, Senior Fellow and Director of International Economics, Council on Foreign Relations | |
| Richard Sylla, Henry Kaufman Professor of the History of Financial Institutions and Markets, and Professor of Economics, Leonard N. Stern School of Business, New York University | |
| Presider: | Robert E. Rubin, Co-Chairman, Council on Foreign Relations |
Did the crash of 1929 lead to the Depression? If the response to the crash was worse than the crash itself, what mistakes could have been avoided?
Related Materials:
Transcript: The 1920s: Bubble, Growth, or Gold?
Audio: The 1920s: Bubble, Growth, or Gold? (Audio)
Video: The 1920s: Bubble, Growth, or Gold? (Video)
Works by Michael Bordo:
Edward Prescott
Works by Edward Prescott:
Benn Steil
Senior Fellow and Director of International Economics
Works by Benn Steil:
Works by Richard Sylla:
Robert E. Rubin
A Second Look at the Great Depression and New Deal, Session Two: The Role of Labor Policy
Related Project: Symposium on the Great Depression
| Panelists: | Price V. Fishback, Frank and Clara Kramer Professor of Economic History and Labor Economics, University of Arizona |
|---|---|
| Lee E. Ohanian, Professor of Economics, University of California, Los Angeles | |
| Peter Temin, Elisha Gray II Professor of Economics, Massachusetts Institute of Technology | |
| Richard K. Vedder, Edwin and Ruth Kennedy Distinguished Professor of Economics, Ohio University | |
| Presider: | John Tamny, Editor, Real Clear Markets |
Did labor policy under Hoover and Roosevelt make the Depression worse, or pave the way to recovery?
Related Materials:
Transcript: The Role of Labor Policy
Audio: The Role of Labor Policy (Audio)
Video: The Role of Labor Policy (Video)
Price V. Fishback 
Works by Price V. Fishback:
Lee E. Ohanian
Works by Lee E. Ohanian:
Peter Temin
Works by Peter Temin:
Richard K. Vedder 
Works by Richard K. Vedder:
John Tamny
Works by John Tamny:
A Second Look at the Great Depression and New Deal, Session Three: Infrastructure Spending to Grow
Related Project: Symposium on the Great Depression
| Panelists: | Jeff Madrick, Director, Policy Research, Schwartz Center for Economic Policy Analysis, The New School |
|---|---|
| Ellen R. McGrattan, Monetary Advisor, Federal Reserve Bank of Minneapolis | |
| Nick Taylor, Author, American-Made: The Enduring Legacy of the WPA | |
| Anna J. Schwartz, Economist, National Bureau of Economic Research | |
| Presider: | Simon Constable, Video Columnist, Dow Jones Newswires |
What did we learn from the spending programs of the New Deal?
Related Materials:
Transcript: Infrastructure Spending to Grow
Audio: Infrastructure Spending to Grow (Audio)
Video: Infrastructure Spending to Grow (Video)
Jeff Madrick
Works by Jeff Madrick:
Ellen R. McGrattan
Works by Ellen R. McGrattan:
Nick Taylor
Articles by Nick Taylor:
Anna J. Schwartz
Works by Anna J. Schwartz:
Simon Constable
A Second Look at the Great Depression and New Deal, Session Four: Keynote - Why a Second Look Matters
Related Project: Symposium on the Great Depression
| Speaker: | Robert E. Lucas Jr., 1995 Nobel Laureate in Economic Sciences; John Dewey Distinguished Service Professor Economics, University of Chicago |
|---|---|
| Presider: | Carl J. Schramm, President and CEO, Ewing Marion Kauffman Foundation |
Related Materials:
Transcript: Why a Second Look Matters
Audio: Why a Second Look Matters (Audio)
Video: Why a Second Look Matters (Video)
Robert E. Lucas Jr.
Works by Robert E. Lucas Jr.:
Carl J. Schramm
Works by Carl J. Schramm:
A Second Look at the Great Depression and New Deal, Session Five: The New Financial Deal
Related Project: Symposium on the Great Depression
| Panelists: | Charles W. Calomiris, Henry Kaufman Professor of Financial Institutions, Division of Finance and Economics, Graduate School of Business, Columbia University |
|---|---|
| John H. Cochrane, Myron S. Scholes Professor of Finance, University of Chicago Booth School of Business | |
| Thomas F. Cooley, Dean, Leonard N. Stern School of Business, New York University | |
| Charles Geisst, Professor of Finance, Manhattan College; Author, Wall Street: A History | |
| Ingo Walter, Seymour Milstein Professor of Finance, Corporate Governance, and Ethics, Leonard N. Stern School of Business, New York University | |
| Presider: | Chrystia Freeland, U.S. Managing Editor, The Financial Times |
What do the 1930s teach about reforming today's financial markets?
Related Materials:
Transcript: The New Financial Deal: What Do the 1930s Teach About Reforming Today's Financial Markets?
Audio: The New Financial Deal (Audio)
Video: The New Financial Deal (Video)
Thomas F. Cooley
Works by Thomas F. Cooley:
John H. Cochrane
Works by John H. Cochrane:
Charles Geisst
Ingo Walter
Works by Ingo Walter:
Chrystia Freeland
A Second Look at the Great Depression and New Deal, Session Six: Today’s Path to Growth - What Do the 1930s Tell Us About Now?
Related Project: Symposium on the Great Depression
| Panelists: | Jonathan Alter, Senior Editor and Columnist, Newsweek |
|---|---|
| Harold Cole, Professor of Economics, University of Pennsylvania | |
| James K. Galbraith, Lloyd M. Bentsen, Jr. Chair in Government and Business Relations, Lyndon B. Johnson School of Public Affairs, The University of Texas at Austin | |
| Amity Shlaes, Senior Fellow for Economic History, Council on Foreign Relations | |
| Presider: | James F. Hoge Jr., Peter G. Peterson Chair and Editor, Foreign Affairs |
Related Materials:
Transcript: The Path to Growth: What Do the 1930s Tell Us About Now?
Audio: The Path to Growth: What Do the 1930s Tell us About Now? (Audio)
Video: The Path to Growth: What Do the 1930s Tell Us About Now? (Video)
Jonathan Alter
Works by Jonathan Alter:
Harold Cole
Works by Harold Cole:
James K. Galbraith
Works by James K. Galbraith:
Amity Shlaes
Senior Fellow for Economic History
Works by Amity Shlaes:
James F. Hoge Jr.
Editor, Peter G. Peterson Chair, Foreign Affairs
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