'Real’ Reinforcement for Austrian Arguments
In a recent article, “The Hoover-Roosevelt Depression Revisited,”work by Cole and Ohanian was highlighted because it comes to conclusions similar to, and thus reinforces historical work previously done by Austrians or fellow travelers (especially Murray Rothbard, Robert Higgs, and Richard Vedder and Lowell Gallaway), which explained the length of the Hoover-Roosevelt Depression.Why is this work important to Austrians? The work, appearing in journals that even top mainstream economists cannot ignore, adds more evidence that the Austrians were right about the cause of the length of Great Depression, as well as the depth of unemployment and stagnation that was characteristic of the Great Depression. The Austrian explanation of the Hoover-Roosevelt Depression is historically accurate.
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