Mankiw column on the financial crisis

Some wise thoughts here.

Includes nods to my Michigan colleagues Matthew Shapiro and Kathryn Dominguez.

It is interesting to see the revisionist view of the New Deal that has been percolating in the economic history literature for some time going mainstream. That view argues that much of what FDR did actually prolonged rather than shortened the Great Depression.

Hat tip: marginalrevolution.com