Elise S. Brezis - The Consequences to the Banks of the Collapse of

Book Chapter

Elise S. Brezis
In: Perspectives on Keynesian Economics, Appendix, Springer, Berlin, 2010 Nov 11, pp. 246-250

Cite

APA Click to copy
Brezis, E. S. (2010). The Consequences to the Banks of the Collapse of Money Values, 1931 and 2009: Some Comments. In In: Perspectives on Keynesian Economics (pp. 246–250). Springer, Berlin. https://doi.org/10.1007/978-3-642-14409-7_11

Chicago/Turabian Click to copy
Brezis, Elise S. “The Consequences to the Banks of the Collapse of Money Values, 1931 and 2009: Some Comments.” In In: Perspectives on Keynesian Economics, 246–250. Springer, Berlin, 2010.

MLA Click to copy
Brezis, Elise S. “The Consequences to the Banks of the Collapse of Money Values, 1931 and 2009: Some Comments.” In: Perspectives on Keynesian Economics, Springer, Berlin, 2010, pp. 246–50, doi:10.1007/978-3-642-14409-7_11.

BibTeX Click to copy

@inbook{brezis2010a,
  title = {The Consequences to the Banks of the Collapse of Money Values, 1931 and 2009: Some Comments},
  year = {2010},
  month = nov,
  day = {11},
  chapter = {Appendix},
  pages = {246-250},
  publisher = {Springer, Berlin},
  doi = {10.1007/978-3-642-14409-7_11},
  author = {Brezis, Elise S.},
  booktitle = {In: Perspectives on Keynesian Economics},
  month_numeric = {11}
}

Introduction

This paper by R. Dimand presents some of Keynes’ views on the Great Depression. It focuses more specifically on the collapse of the nominal values of debt, money, prices and wages, and their effects on the reduction in output. The second subject this paper takes a stand about is a comparison between the period of the Great Depression and the crisis of 2009.

While it is clear that the financial crisis was the primary shock of the great depression, it was only the trigger. What makes the Great Depression so different from other business cycles is not the size of the shock or even that there were a series of negative shocks on the side of the financial market as well as the real side. What makes it so different are the dynamics of the system.

Keywords: Great Depression, 2009 financial crisis, Keynesian economics, disequilibrium dynamics, full-employment equilibrium, inequality, government intervention