Lessons from the Great Depression

Victor Joecks

And probably not the ones you learned in school or from the media.

Larry Reed, president of the Foundation for Economic Education, is giving a lecture today at 4:30 p.m. (Pacific time) on why the popular account of the Great Depression is wrong and what lessons we should take from it.

The lecture is being held at Central Michigan University, but thanks to the Internet, you can watch a live webcast.

Reed has also written Great Myths of the Great Depression, which argues that the free market did not cause the Great Depression.

Old myths never die; they just keep showing up in economics and political science textbooks. With only an occasional exception, it is there you will find what may be the 20th century’s greatest myth: Capitalism and the free-market economy were responsible for the Great Depression, and only government intervention brought about America’s economic recovery.

The whole thing is well worth reading and passing on.

(h/t Students for a Free Economy)