From: Allin Cottrell (cottrell@wfu.edu)
Date: Mon Oct 11 2004 - 19:58:29 EDT
On Mon, 11 Oct 2004, Stephen Cullenberg quoted Ed Prescott: > "In the Great Depression, employment was not low because > investment was low. Employment and investment were low because > labor market institutions and industrial policies changed in a way > that lowered normal employment." This is obviously nonsense, but does Prescott produce any argument to this effect? Or is it pure assertion? Allin Cottrell
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