{"id":7842,"date":"2013-06-02T19:35:43","date_gmt":"2013-06-02T23:35:43","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=7842"},"modified":"2013-06-02T19:35:43","modified_gmt":"2013-06-02T23:35:43","slug":"scott-sumner-its-complicated-the-great-depression-in-the-us-the-market-monetarist","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2013\/06\/02\/scott-sumner-its-complicated-the-great-depression-in-the-us-the-market-monetarist\/","title":{"rendered":"Scott Sumner: \u201cIt\u2019s Complicated: The Great Depression in the US\u201d | The Market Monetarist"},"content":{"rendered":"<p>Lars Christensen writes of a 2010 lecture by Scott Sumner did at Oxford Hayek Society on the causes of the Great Depression.<\/p>\n<blockquote>\n<p>Scott does a great job showing that policy failure \u2013 both in the terms of monetary policy and labour market regulation \u2013 caused and prolonged the Great Depression. Hence, the Great Depression was not a result of an inherent instability of the capitalist system.<\/p>\n<p>Unfortunately policy makers today seems to have learned little from history and as a result they are repeating many of the mistakes of the 1930s. Luckily we have not seen the same kind of mistakes on the supply side of the economy as in the 1930s, but in terms of monetary policy many policy makers seems to have learned very little.<\/p>\n<\/blockquote>\n<p><a href=\"http:\/\/vimeo.com\/11700175\" title=\"Vimeo: Scott Sumner\" target=\"_blank\"><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2013\/scottsumner.png?w=525&#038;ssl=1\" alt=\"Scott Sumner - Click to play Video\" \/><\/a><\/p>\n<p><em>Click to open video on separate page 1:06:12<\/em><\/p>\n<p>Read more at <a href='http:\/\/marketmonetarist.com\/2013\/06\/02\/scott-sumner-its-complicated-the-great-depression-in-the-us\/'>Scott Sumner: \u201cIt\u2019s Complicated: The Great Depression in the US\u201d | The Market Monetarist<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lars Christensen writes of a 2010 lecture by Scott Sumner did at Oxford Hayek Society on the causes of the Great Depression. Scott does a great job showing that policy failure \u2013 both in the terms of monetary policy and labour market regulation \u2013 caused and prolonged the Great Depression. Hence, the Great Depression was &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2013\/06\/02\/scott-sumner-its-complicated-the-great-depression-in-the-us-the-market-monetarist\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Scott Sumner: \u201cIt\u2019s Complicated: The Great Depression in the US\u201d | The Market Monetarist&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[49,34],"tags":[1578,1612,3630],"class_list":["post-7842","post","type-post","status-publish","format-standard","hentry","category-economic-theory","category-us-canada-countries-regions","tag-gold-2","tag-great-depression","tag-wages"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Scott Sumner: \u201cIt\u2019s Complicated: The Great Depression in the US\u201d | The Market Monetarist - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Scott Sumner: \u201cIt\u2019s Complicated: The Great Depression in the US\u201d | The Market Monetarist - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Lars Christensen writes of a 2010 lecture by Scott Sumner did at Oxford Hayek Society on the causes of the Great Depression. Scott does a great job showing that policy failure \u2013 both in the terms of monetary policy and labour market regulation \u2013 caused and prolonged the Great Depression. Hence, the Great Depression was &hellip; Continue reading &quot;Scott Sumner: \u201cIt\u2019s Complicated: The Great Depression in the US\u201d | The Market Monetarist&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2013\/06\/02\/scott-sumner-its-complicated-the-great-depression-in-the-us-the-market-monetarist\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:published_time\" content=\"2013-06-02T23:35:43+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/static.incrediblecharts.com\/images\/2013\/scottsumner.png\" \/>\n<meta name=\"author\" content=\"ColinTwiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ColinTwiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2013\\\/06\\\/02\\\/scott-sumner-its-complicated-the-great-depression-in-the-us-the-market-monetarist\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2013\\\/06\\\/02\\\/scott-sumner-its-complicated-the-great-depression-in-the-us-the-market-monetarist\\\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"Scott Sumner: \u201cIt\u2019s Complicated: The Great Depression in the US\u201d | The Market Monetarist\",\"datePublished\":\"2013-06-02T23:35:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2013\\\/06\\\/02\\\/scott-sumner-its-complicated-the-great-depression-in-the-us-the-market-monetarist\\\/\"},\"wordCount\":162,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2013\\\/06\\\/02\\\/scott-sumner-its-complicated-the-great-depression-in-the-us-the-market-monetarist\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.incrediblecharts.com\\\/images\\\/2013\\\/scottsumner.png\",\"keywords\":[\"Gold\",\"Great Depression\",\"wages\"],\"articleSection\":[\"Economic Theory\",\"US &amp; 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While job loss was not\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6036,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/11\/06\/is-the-fed-finally-listening-to-scott-sumner\/","url_meta":{"origin":7842,"position":1},"title":"Is the Fed finally listening to Scott Sumner?","author":"Colin Twiggs","date":"November 6, 2012","format":false,"excerpt":"Brendan Greely writes of Scott Sumner. Sumner who holds a Ph.D. from the University of Chicago, made a suggestion in the late 1980s to the New York Federal Reserve. He proposed that the Fed set a target for nominal GDP\u2014real growth in GDP plus the rate of inflation. He felt\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5952,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/31\/should-the-fed-be-targeting-inflation\/","url_meta":{"origin":7842,"position":2},"title":"Why the Fed should not target inflation","author":"Colin Twiggs","date":"October 31, 2012","format":false,"excerpt":"Scott Sumner, Professor of Economics at Bentley University, proposes that the Fed target nominal growth in GDP (\"NGDP\") rather than inflation as Ben Bernanke has long advocated: \"Even he [Bernanke] must be surprised and disappointed with how poorly [inflation targeting] worked during the recent crisis.\" The primary problem, Sumner points\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7568,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/04\/26\/what-europe-could-learn-from-scandinavia-in-the-1920s\/","url_meta":{"origin":7842,"position":3},"title":"What Europe could learn from Scandinavia in the 1920s | Lars Christensen","author":"ColinTwiggs","date":"April 26, 2013","format":false,"excerpt":"Danish and Norwegian monetary policy failure in 1920s \u2013 lessons for today Reproduced with kind permission from Lars Christensen at The Market Monetarist: History is fully of examples of massive monetary policy failure and today\u2019s policy makers can learn a lot from studying these events and no one is better\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/marketmonetarist.files.wordpress.com\/2012\/06\/unempnosedk.jpg?w=350&h=200&crop=1","width":350,"height":200,"srcset":"https:\/\/marketmonetarist.files.wordpress.com\/2012\/06\/unempnosedk.jpg?w=350&h=200&crop=1 1x, https:\/\/marketmonetarist.files.wordpress.com\/2012\/06\/unempnosedk.jpg?w=525&h=300&crop=1 1.5x"},"classes":[]},{"id":14117,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/09\/13\/credit-bubbles-and-gdp-targeting\/","url_meta":{"origin":7842,"position":4},"title":"Credit bubbles and GDP targeting","author":"ColinTwiggs","date":"September 13, 2016","format":false,"excerpt":"In 2010 Scott Sumner first proposed that the Fed use GDP targeting rather than targeting inflation, which is prone to measurement error. Since then support for this approach has grown, with Lars Christensen, an economist with the Danish central bank, coining the term Market Monetarism. Sumner holds that inflation is\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6466,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/12\/feds-numerical-thresholds-are-a-bad-idea\/","url_meta":{"origin":7842,"position":5},"title":"Fed\u2019s numerical thresholds are a bad idea","author":"Colin Twiggs","date":"December 12, 2012","format":false,"excerpt":"The Fed effectively tied its monetary policy to a balloon bobbing in the wind. Pedro da Costa writes on Reuters: The Federal Reserve on Wednesday took the unprecedented step of tying its low rate policy directly to unemployment, saying it will keep rates near rock bottom until the jobless rate\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/7842","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=7842"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/7842\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=7842"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=7842"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=7842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}