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Upjohn Press Book Chapters Upjohn Research home page
1998
Introduction [to The Economics of the Great
Depression]
Mark Wheeler
Western Michig an University
Citation
W heeler, Mark. 1998. Introduction. In The E onomi s of the Great Depression, Mark Wheeler, ed. Kalamazoo, MI: W.E. Upjohn
Institute for Employment Research, pp. 1–8. http://dx ./10.17848/9780585322049.intro
This title is brought to you by the Upjohn Institute. For more information, please ontact ir@.
Introduction
Mark Wheeler
Western Michigan University
To understand the Great Depression is the Holy Grail of macro
economics (Bernanke 1995, p. 1). It can be argued that understanding
the Great Depression is the Holy Grail of all economics. The econom
ics profession has paid much attention to the Depression years. As
Stephen Cecchetti notes in this volume, EconLit, the CD-ROM index
compiled by the Journal of
Economic Literature
,
lists over 400 articles
on the Great Depression that have appeared since 1969 alone. How
ever
,
as the various chapters demonstrate, the complexity of the subject
warrants further investigation.
Drawing on a wide variety of subdisciplines within economics, the
six authors in this volume explore the immediate effects of the Great
Depression, the dramatic fall in output, and the legacy of the Great
Depressions monetary policy.
In
the first chapter, Margo examines the impact of the Great
Depression on labor and lab
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