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Funny thing is the authors of the article are a " Professor of Economics and Political Science at the University of California, Berkeley" and a " Professor of Economics at Trinity College Dublin"....some dittoheads...
LOL...such typically knee jerk reactions by the Obamatrons.
Weren't the economies around the world already in trouble before 1929? This current collapse is like dominoes, but the economies in 1929 were more isolated. It doesn't seem like a valid comparison to compare the global economy in 1929 with the current situation, when the global economy of 1929 had been troubled since the end of WW I, roughly a decade.
I would think two Professors of economics might know a little on the topic...perhaps not.
From your link:
I'm not questioning the credentials of the professors. I'm only pointing out that true comparisons are between apples and apples. If you're going to compare apples to oranges, you have to compensate for the differences. While the article is interesting, it doesn't mention the differences, like the more isolated economies, like the recession, that I brought up, and so it doesn't mention how the professors intend to compensate for those differences. The points I raise are valid, even if I'm not a professor of economics.
What is interesting to me is the authors aren't actually forecasting anything,they are simply reporting the data they collected...
But some seem very eager to deny it out of hand.
Oh well...
From the link:
Quote:
The Great Depression was a global phenomenon. Even if it originated, in some sense, in the US, it was transmitted internationally by trade flows, capital flows and commodity prices. That said, different countries were affected differently. The US is not representative of their experiences. Our Great Recession is every bit as global, earlier hopes for decoupling in Asia and Europe notwithstanding. Increasingly there is awareness that events have taken an even uglier turn outside the US, with even larger falls in manufacturing production, exports and equity prices.
What is interesting to me is the authors aren't actually forecasting anything,they are simply reporting the data they collected...
But some seem very eager to deny it out of hand.
Oh well...
From the link:
I didn't deny it out of hand. I simply tried to point out that while the article was interesting, the narrow focus on 1929 did not adequately describe the economic climate of 1929 in terms of a global economy, and that the authors of the article should look at the preceding decade in more detail in order to compare the two economic cycles adequately. Oh well.....
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