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Reason Foundation

How the Great Depression and the Great Recession Are Similar

Samuel Staley
October 28, 2010, 4:17pm

I've been critical of those who compare the Great Recession to the the Great Depression, noting in National Review that the Great Recession is still a recession and nowhere close to the decade- long period of stagnation we experienced in the 1930s. Still, one area where today's economy is similar to the Great Depression is the lack of private-sector job creation.

Reason.tv has just released a great video focused on this issue called "Where are the Jobs?" with an insightful interview with UCLA economist Lee Ohanian. Ohanian studies economic crises, and his research suggests the uncertainty and activism of FDR's New Deal extended the depression by seven years.

Reason has an extensive archive of articles and analysis critical of the current approach to handling the recession, and these resources can be accessed here.


Samuel Staley is Research Fellow


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