Posted by Greg Chamberlain
Kudos to the authors, Harold L. Cole and Lee E. Ohanian of a Wall Street Journal opinion piece entitled Stimulus and the Depression: The Untold Story. Without naming him, the authors both seemed to echo and support many of the views of Ron Paul about the depression era turnarounds and the actual effects of supposed "stimulus" by government as compared to modern day lessons. Not sure is Austrian Economists like Ron Paul or Peter Schiff would concur 100% with Cole and Ohanian, but i'd sure like to know their thoughts. The read is worthwhile.
Harold Cole is a professor of economics at the University of Pennsylvania. Mr. Ohanian is professor of Economics at UCLA and a senior fellow at the Hoover Institution. They are authors of "New Deal Policies and the Persistence of the Great Depression: A General Equilibrium Analysis", which was released in 2004 in Journal of Political Economy.