(The first installment of "The Keynesian Myth"  is here.) All-American Money Makers Although conventional wisdom has it that Keynes considered government spending far more capable of ending the depression than monetary expansion, that certainly wasn't his view in 1931: during lectures he gave then at the University…

"Massive jolts of New Deal spending had stopped the economic slide, [but the economy crashed again when] over two years, FDR slashed government spending 17 percent." (From a 2011 NPR presentation.) In the last installment of this series, I discussed the hypothesis that the 1937 collapse resulted…

By the start of 1937, things were looking up for the U.S. economy. Although the Supreme Court had struck down both the NIRA and the AAA—the chief pillars of the original New Deal's recovery plan—some time earlier, like a glider released by its tow plane, the recovery…