Mises Wire
Author:
George Ford Smith
Online Publish Date:
It’s been said there’s no such thing as a controlled experiment in the social sciences, including economics. But we had something close to a laboratory experiment back in 1920–21 and 1930–31. In each of these periods there was a depression. Unemployment was high—for a while—it briefly was higher in the 1920s than in the 1930s. Prices fell in both