Abstract

http://ssrn.com/abstract=2095699
 
 

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The Reality of the Wartime Economy: More Historical Evidence on Whether World War Il Ended the Great Depression


Steven Horwitz


St. Lawrence University

Michael J. McPhillips


affiliation not provided to SSRN

June 20, 2012

Independent Review, 2013 Forthcoming

Abstract:     
In response to contemporary arguments that the expenditures associated with World War II were a major factor in ending the Great Depression and should therefore be imitated today, we offer historical evidence to suggest that the wartime economy was hardly a model of success in the eyes of most Americans. Expanding on Robert Higgs’ criticisms of the ability of conventional macroeconomic data to tell the real story, we examine newspapers, diaries, and other primary source material to reveal the retrogression in living standards in the US during the war. Our investigation suggests that wartime prosperity is largely a myth and hardly a model for recovery from the Great Recession.

Number of Pages in PDF File: 32

Keywords: Great Depression, World War II, stimulus, macroeconomic policy

JEL Classification: N12, N42, E01

Accepted Paper Series





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Date posted: June 28, 2012  

Suggested Citation

Horwitz, Steven and McPhillips, Michael J., The Reality of the Wartime Economy: More Historical Evidence on Whether World War Il Ended the Great Depression (June 20, 2012). Independent Review, 2013 Forthcoming. Available at SSRN: http://ssrn.com/abstract=2095699

Contact Information

Steven Horwitz (Contact Author)
St. Lawrence University ( email )
One Romoda Drive
Canton, NY 13617
United States
315 229 5731 (Phone)
315 229 5819 (Fax)
HOME PAGE: http://myslu.stlawu.edu/~shorwitz
Michael J. McPhillips
affiliation not provided to SSRN ( email )
Feedback to SSRN


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