A depression differs from a recession in both the severity of the downturn and the duration. Recessions typically last months; the Great Depression lasted a decade. Importantly, the Great Depression started as an economic phenomenon, but the current “Great Suppression” started as a policy phenomenon. State governments deliberately shut down an otherwise vibrant economy. As we prepare to restart our economic engine, we consider things the government did right and did wrong in attempting to restart the economy during the Great Depression.

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Quick Hits

Disincentives of Unemployment Benefits

https://www.npr.org/2020/04/21/838879361/bitter-taste-for-coffee-shop-owner-as-new-600-jobless-benefit-closed-her-busines

Forgivable Loan Backfire

https://www.cnbc.com/2020/04/22/she-got-a-paycheck-protection-loan-her-employees-hate-her-for-it.html

Smokers Less Likely to Get COVID?

https://news.yahoo.com/smokers-four-times-less-likely-151203823.html

Foolishness of the Week

Parents are Authoritarians

https://nypost.com/2020/04/23/harvard-professor-wants-to-ban-authoritarian-homeschooling/

Topic of the Week

Harold L. Cole

https://economics.sas.upenn.edu/people/harold-l-cole

History of the Great Depression

https://fee.org/media/37305/deppod.pdf

The Path to Growth Documentary

https://www.youtube.com/watch?v=2Hd_j9OX43g

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