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Historical Growth Rate of US Real GDP, 19292013.

Historical Growth Rate of US Real GDP, 19292013.

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Figure 1: US Real GDP in the 1930s.
Figure 2: US Unemployment Rate, 1929-1942.  
Figure 3: Percentage Change in US Consumer Price Index, 1923-1939.  
Figure 4: US Currency to Demand Deposit Ratio, 1923-1939.  
+12 Figure 5: US Total Government Expenditure as a Share of GDP.  
Early Macro Divergence from Micro: Keynes vs Hayek, Fisher and Friedman
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  • Dec 2015
The paper presents facts and theory of the Great Depression that led to the clash of the Neoclassical ideas of Fisher and Hayek with the new interventionalist concept of Keynes. The Keynesian Cross arose to explain how government could create new investment and allow the economy to rise from Depression. Fisher and Hayek instead emphasized banking a...
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... annual terms the Great Recession appears as a relatively small recession historically. Figure 9 shows the US growth rate of real GDP since 1929 on an annual basis with annual data. There is only a -2.7% growth rate of real GDP in 2008 on an annual basis. ...

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