Celebrating humanity's flourishing through the spread of capitalism and the rule of law
10 Nov 2014 Leave a comment
in economics
When I tell people that I believe the financial crisis is about to get worse, most look amazed, especially when mentioning that it might be close to the Great Depression. Edward Prescott and Timothy Kehoe (2002 paper) find that the Great Depression was not a unique event. I merged their graphs one and two. The graph shows output, indexed to 100 in 1928/1980 respectively (The Latin American countries are set in the latter scenario). Here is the result:
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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