Symposium on the Great Depression

Staff: Amity Shlaes, Former Hayek Senior Fellow for Political Economy
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.

SternLogo

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

Conference Panel Session

A Second Look at the Great Depression and New Deal, Session One: The 1920s - Bubble, Growth, or Gold?

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
March 30, 2009

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)

Michael Bordo Bordo

Works by Michael Bordo:

Edward PrescottPrescott

Works by Edward Prescott:

 

 

Benn SteilSteil

Senior Fellow and Director of International Economics

Works by Benn Steil:

Richard Sylla Sylla

Works by Richard Sylla:

Robert E. RubinRubin

 

 

 

 

Conference Panel Session

A Second Look at the Great Depression and New Deal, Session Two: The Role of Labor Policy

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
March 30, 2009

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 Fishback

Works by Price V. Fishback:

  • The New Deal” chapter in Government and the American Economy: From Colonial Times to the Present. Chicago: University of Chicago Press, 2006.

Lee E. OhanianOhanian

Works by Lee E. Ohanian:

Peter TeminTemin

Works by Peter Temin:

Richard K. Vedder Vedder

Works by Richard K. Vedder:

 

 

 

John TamnyTamny

Works by John Tamny:

Conference Panel Session

A Second Look at the Great Depression and New Deal, Session Three: Infrastructure Spending to Grow

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
March 30, 2009

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 MadrickMadrick

Works by Jeff Madrick:

Ellen R. McGrattanMcGrattan

Works by Ellen R. McGrattan:

Nick TaylorTaylor

Articles by Nick Taylor:

Anna J. SchwartzAJS

 

Works by Anna J. Schwartz:

 

 

Simon ConstableConstable

 

 

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