• Home
  • About Mark Skousen
    • Catalog
    • Mark Skousen Biography
    • Commonly Asked Questions
    • Jo Ann Skousen Biography
    • Mark Skousen’s Family and Famous Relatives
    • Books Recommended by Mark Skousen
    • Personal and Miscellaneous
  • Books
    • Economics Books
      • Economic Logic
      • EconoPower: How a New Generation of Economists Is Transforming the World
      • The Big Three in Economics: Adam Smith, Karl Marx and John Maynard Keynes
      • The Making of Modern Economics
      • The Structure of Production
      • Vienna & Chicago, Friends or Foes?
    • Finance and Investing Books
      • Maxims of Wall Street
      • A Viennese Waltz Down Wall Street: Austrian Economics for Investors
      • Investing In One Lesson
      • High Finance on a Low Budget
      • The New Scrooge Investing
  • Interviews
  • Appearances
  • Online Press Kit
    • Contact Information
    • Biographical Information
    • Headshots
    • List of Current Books
    • Forecasts & Strategies, Trading Services and Weekly Blog
  • FreedomFest
  • Persuasion vs. Force

MSKOUSEN.COM

Mark Skousen's Personal Website for the Best of Money & Economics

  • News
  • Economics
  • Personal Finance
  • Investing & Markets
  • Forecasts & Strategies
  • Politics & Liberty
You are here: Home / Archives for depression

Was the Great Depression Good for Us?

April 14, 2009 By admin Leave a Comment

From Human Events

“Everything was all right in those years, but only if you had a job.” ~ Grandmother of Amity Shlaes in The Forgotten Man


Can the worst of times also be the best of times? When we think of the Great Depression of the 1930s, we are quick to recall the soup lines, bank closings, dust bowls, bear markets, demoralizing despair, and the aftershocks — Nazi Germany, the New Deal, Keynesianism, and, some say, World War II. Today, as the current recession worsens, everyone fears the dreaded D and seeks desperate rescue measures.

But was the Great Depression all bad? Truth is, there’s a bright side to the gloomy Thirties — a lower cost of living, huge technological advances, new forms of entertainment, more leisure time, and a return to responsible social behavior.

It was the beginning of the five-day work week….the Golden Age of radio and film….the playing of social sports like bridge, Monopoly, and softball….leisure time to read books and dance the jitterbug….while scientists invented the electron microscope, FM radio, radar, the jet airplane, and network television….

Chicago economist Robert Lucas, Jr., once called the 1930s “one long vacation,” and social historian Frederick Lewis Allen exclaimed, “[T]he American imagination was beginning to break loose again.”

There’s an old Asian saying, “It is the irritation in the oyster that forms the pearl.” A few people couldn’t take the hard times and jumped out windows, but most people responded to the challenge. Adversity often brings out creativity and opportunities to learn and advance. The 1930s were no exception.

This is a summary of a full-length article called “Brother, Can You Spare a Decade?” that I wrote on the subject in the May issue of Liberty magazine. Since writing this controversial and politically incorrect article, I’ve been attacked and defended by friends and foes.

For example, Mike Sharpe, my academic publisher at M. E. Sharpe and a social Democrat, took strong exception to my article. He wrote:

“What Mark Skousen says in ‘Brother Can You Spare a Decade?’ is beside the point. Millions of people were jobless, hungry, and in despair during the Depression. The fact that songs were written or scientific discoveries were made doesn’t mitigate the suffering. Does the work of Socrates mitigate the effects of the tyranny that executed him? Do the discoveries of Galileo offset the Roman Inquisition? Do the works of Shakespeare compensate for the expulsion of the Jews from England? Does the first novel by an American black, Clotel, written in 1853, reflect well on slavery? Do the performances of Von Karajan under Hitler make Nazism enjoyable? Does “God Bless America” sung by Kate Smith during World War II make that war less of a tragedy? Skousen’s entire argument is a non sequitur, harmful to a true understanding of the effects of the Depression and by extension, the current recession. He should not make light of suffering.”

My response:

I’m reluctant to start a fight with the publisher of my books, but here goes:

My essay may well be irreverent, but it’s not irrelevant. Mr. Sharpe’s view is the traditional view. I don’t dispute it. There was a lot of real suffering during the Great Depression, and I mention the dark side of the 1930s at various times in the essay.

But what I do try to do is look at the positive things that came out of the Great Depression. Sharpe wants to ignore them. Yes, there was a lot of suffering, but there were times of joy, good times, and scientific advances in the midst of the depression.

I think we have to look at both extremes to find out what really matters, the bad and the good that came out of the Great Depression and today’s recession. Sharpe focuses on the suffering that goes on in a recession/depression, I focus on the positive effects of a downturn, such as the good things people are doing now (out of necessity): being more careful about what they spend, saving for a rainy day, not taking their job for granted, and sensing trouble rather than going along merrily trusting in the establishment, without thinking. What’s so bad about that?

Both views are important.

Sometimes I think we as a nation and as legislators are impatient. We want to avoid suffering at all times, and take pills if we sense even a slight headache. No one wants to be unemployed or fired from a job, but you know what? Lots of unemployed and fired people tell me later (a year or two after finding another job) that it was the best thing that ever happened to them. Not all, but many.

I conclude that a lot of good can come out of bad times.

What’s your view? Is the recession or depression good or bad for America?

Filed Under: Great Economics, Human Events, Leisure, News Tagged With: depression, Economics, positive thinking

Connect with Mark Skousen

  • Email
  • Facebook
  • LinkedIn
  • Twitter

Mark Skousen’s Top Ten

Top Ten

Recent Posts

Gross Output

Supply Chain Business Still Growing: Recession Fears May Not Pass GO

Washington, DC (Thursday, September 29, 2022): Today, the federal government … [Read More...]

Are economists the slowest learners?

Dear friends of freedom, Peter Drucker once said, "Economists are the slowest … [Read More...]

FreedomFest Agenda – Here’s a preview:

Dear friends of FreedomFest, The excitement is building for our July 13-16 … [Read More...]

Making of Modern Economics

Richard Rahn Reviews “The Making of Modern Economics” by Mark Skousen

Richard W. Rahn — economist, syndicated columnist and entrepreneur — reviewed … [Read More...]

Making of Modern Economics

“The Making of Modern Economics” – The book the New Socialists fear the most

Good news! The brand-new fourth edition of “The Making of Modern Economics” has … [Read More...]

Franklin

Why Ben Franklin Matters

Today is the 316th anniversary of the birth of founding father extraordinaire … [Read More...]

Economy

Economy Slows, But the Outlook is Still Positive

Washington, DC (Wednesday, December 22, 2021): Today, the federal government … [Read More...]

Samuelson vs Friedman, Match of the Century

By: Mark Skousen First published in the March 1999 issue of Liberty … [Read More...]

Gross Output

Despite Higher Inflation, the U.S. Economy Continues to Boom: Gross Output (GO) Hits $50 Trillion!

Washington, DC (Thursday, September 30, 2021): For the first time in history, … [Read More...]

Are we Rome?

Are We Rome?

By Mark Skousen Talk delivered on Saturday, September 11, 2021, Kimber … [Read More...]

Economy

While Inflation Threatens, the U.S. Economy is Firing on All Cylinders

  Washington, DC (Thursday, June 24, 2021): On June 24, 2021, the federal Bureau … [Read More...]

FreedomFest

Fun Things to Do at FreedomFest This July

We already have more than 2,000 registered attendees for FreedomFest next month. … [Read More...]

Walter Lippmann

Where’s Walter Lippmann when we need him?

Columnist and author Walter Lippmann (1889-1974) was considered the most … [Read More...]

Gross Output

Gross Output (GO) Growth Outpaces GDP Again to Suggest Robust Recovery

Washington, DC (Thursday, March 25, 2021): On March 25, 2021, the federal Bureau … [Read More...]

Gross Output

Business-to-Business (B2B) Spending Grows Faster Than GDP!

Washington, DC (Tuesday, December 22, 2020): On December 22, 2020, the federal … [Read More...]

Maxims

Ideal Holiday Gift! New 10th Anniversary Release of “The Maxims of Wall Street”

Dear friends, A hundred years ago, in 1920, the great author and poet Rudyard … [Read More...]

Ezra Taft Benson

Ezra Taft Benson’s Remarks at FEE Headquarters in New York, May 1977

In 2001-02, I served as president of the Foundation for Economic Education … [Read More...]

Ezra Taft Benson in Russia

Elder Ezra Taft Benson Speaks in Communist Russia

    “It was the most heart-rending and most inspiring scene … [Read More...]

lessons

10 LESSONS FOR 10-10-2020

This article was originally published on the FreedomFest Forum on October 10, … [Read More...]

GO-Day Celebration

Dear friends, Good news!  For the first time, the federal government (BEA) … [Read More...]

Gross Output

Macroeconomics on the GO: How Wall Street Economic Analysts Use Gross Output (GO)

Here are two examples of how private economic research firms are using gross … [Read More...]

Gross Output

Despite First Decline in More Than a Decade for Q1, Gross Output (GO) Might Still Offer Hope for a Robust Recovery in Late 2020

Washington, DC (Tuesday, July 7, 2020):  On July 6, 2020, the federal Bureau of … [Read More...]

FreedomFest

My Schedule at FreedomFest 2020

by Mark Skousen Editor, Forecasts & Strategies   Dear … [Read More...]

Forecasts & Strategies

40 Year of Forecasts & Strategies

Dear friends, My publisher, Salem Eagle, has just posted my special 40th … [Read More...]

GO

U.S. Economy on the GO: Total Spending Accelerates

Washington, DC (Thursday, January 9, 2020):  On January 9, 2020, the Bureau of … [Read More...]

MODERN MONETARY THEORY

THERE’S MUCH RUIN IN A NATION: MODERN MONETARY THEORY

By Mark Skousen Chapman University [email protected] “Today, as in the … [Read More...]

Forbes

Steve Forbes on the GO: I Make the Forbes 400 Richest Issue!

I’m mentioned on page 22 for my gross output (GO) model. (Sorry, I may be worth … [Read More...]

MY INTELLECTUAL ANCESTORS

BY MARK SKOUSEN Presidential Fellow, Chapman University "If I have seen a … [Read More...]

Trade

Trade War Threatens Recession

Washington, DC (Monday, July 29, 2019): On July 19, 2019, the federal … [Read More...]

FreedomFest

MY SCHEDULE AT FREEDOMFEST 2019

by Mark Skousen Editor, Forecasts & Strategies   Dear FreedomFest … [Read More...]

Austrian

AUSTRIAN VS. CHICAGO ECONOMISTS: RESPONSE TO THE 2008 FINANCIAL CRISIS

By Mark Skousen Updated in 2019  “Blessed paper credit! Last and best … [Read More...]

Gross Output

GO Confirms a Slow-Growth Economy as We Enter 2019

Washington, DC (Friday, April 19, 2019): Today the federal government released … [Read More...]

Gross Output

The US Economy is NOT Slowing Down. Business Spending Soars!

By Mark Skousen Editor, Forecasts & Strategies Washington, DC (Thursday, … [Read More...]

Making of Modern Economics

The Economist Publishes New Ad for “Making of Modern Economics”

The November 24th issue of The Economist, page 73, is running a new full-page … [Read More...]

Gross Output

Gross Output Indicates Continued Boom in the U.S. Economy as Business Spending Expands Rapidly in Q2

Washington, DC (Thursday, November 1, 2018):  Gross output (GO), the top line of … [Read More...]

Adam Smith

ADAM SMITH AND THE MAKING OF MODERN ECONOMICS

By Mark Skousen Presidential Fellow, Chapman … [Read More...]

Gross output

US Economy Continues to Expand, but Business Spending Slows Temporarily

Washington, DC (Friday, July 20, 2018):  Gross output (GO), the top line of … [Read More...]

Steve Forbes

Full Remarks by Steve Forbes On the Presentation of a Triple Crown in Economics to Mark Skousen

The following are Mr. Forbes remarks following Skousen’s session on “Adam Smith, … [Read More...]

Steve Forbes

STEVE FORBES AWARDS MARK SKOUSEN A TRIPLE CROWN IN ECONOMICS

For Immediate Release July 18, 2018 Washington, DC:  Steve Forbes, chairman … [Read More...]

Mark Skousen’s article on Revista Procesos de Mercado (Review of Market Processes)

Revista Procesos de Mercado (Review of Market Processes) has just published Mark … [Read More...]

If GDP Lags, Watch the Economy GO

‘Gross output’ reflects the full value of the supply chain, and it portends much … [Read More...]

Away We GO: Business Spending Accelerates in 4th quarter 2017

Washington, DC (Thursday, April 19, 2018) Gross output (GO), the top line of … [Read More...]

GO

GO Slow: New Leading Indicator Predicted Slowdown in GDP

by Mark Skousen Presidential Fellow, Chapman University Editor, Forecasts … [Read More...]

gross output

THIRD QUARTER GROSS OUTPUT AND B2B SPENDING GAIN MOMENTUM

Washington, DC (Friday, January 19, 2018): Gross output (GO), the top line of … [Read More...]

2ND QUARTER GROSS OUTPUT SHOWS SURPRISE SLOWDOWN IN ECONOMY

Washington, DC (Thursday, November 2, 2017): Gross output (GO), the top line of … [Read More...]

Economic Logic

ANNOUNCING A NEW EDITION BREAKTHROUGH COURSE IN FREE-MARKET CAPITALISM

“Mark Skousen is America’s leading economic author because he roots his luminous … [Read More...]

Gross Output

RAPID GROWTH IN 1ST QUARTER GO: ECONOMY IS NOT SLOWING DOWN

By: MARK SKOUSEN Washington, DC (Wednesday, July 26, 2017): Gross output … [Read More...]

GROSS OUTPUT AND B2B INDEX ADVANCE SHARPLY AFTER ELECTION

Washington, DC (Friday, April 21, 2017): Gross output (GO), the top line of … [Read More...]

SECOND QUARTER GROSS OUTPUT AND B2B INDEX INCREASE, STILL NO SIGNIFICANT GROWTH OF THE U.S. ECONOMY.

By Mark Skousen Washington, DC (Thursday, November 3, 2016):  Gross output, … [Read More...]

FIRST QUARTER GROSS OUTPUT AND B2B INDEX POINT TO NEGLIGIBLE GROWTH OF THE U.S. ECONOMY

Washington, DC (Thursday, July 21, 2016):  U. S. economic activity is still … [Read More...]

HOW BEN FRANKLIN SAVED THE POST OFFICE AND HELPED UNIFY AMERICA

By Mark Skousen Special to the Franklin Prosperity Report July 4, … [Read More...]

FreedomFest Fun Activities

In addition to all the great debates, presentation and hundreds of vendors in … [Read More...]

Big news: the Bureau of Economic Analysis (BEA) has changed its definition of GDP that starts with Gross Output.

This is a significant breakthrough, which I have encouraged them to do for some … [Read More...]

FOURTH QUARTER GROSS OUTPUT AND B2B INDEX POINT TO BUSINESS RECESSION

By Mark Skousen April 21, 2016 Washington, DC (Thursday, April 21, 2016):  … [Read More...]

CATO INSTITUTE POLICY FORUM: “GO Beyond GDP: What Really Drives the Economy?”

We hear constantly that consumer spending is 70% of GDP and that consumer … [Read More...]

ANNOUNCING THE NEW THIRD EDITION OF “THE MAKING OF MODERN ECONOMICS” BY MARK SKOUSEN

March 9, 2016: Today marks the 240th anniversary of the publication of “The … [Read More...]

Announcing the New Third Edition of “The Structure of Production”

Federal Government Introduces a New Macro Statistic: A Triumph in Supply-side … [Read More...]

My Friendly Fights with Dr. Friedman

The Rational, The Relentless - Liberty Magazine - September 2007 by Mark … [Read More...]

The Making of Modern Economics

Recent Comments

  • Missy on Gary North, R. I. P.
  • Valerie on 10 LESSONS FOR 10-10-2020
  • Arch G. Woodside on The Other Austrian
  • Troy Lynch on Gary North, R. I. P.
  • Wayne Flanagan on Ideal Holiday Gift! New 10th Anniversary Release of “The Maxims of Wall Street”

Contact Mark Skousen

Personal Email

Forecasts & Strategies Email

FreedomFest Email

Social Media:
Facebook
LinkedIn
Twitter

Websites:
mskousen.com
markskousen.com
freedomfest.com

Mark Skousen Newsletters

 Mark Skousen Investment Newsletters

Since 1980, Skousen has been editor in chief of Forecasts & Strategies, a popular award-winning investment newsletter. He also is editor of three trading services, Skousen Private Equity Trader; Skousen High-Income Alert and Fast Money Alert.

Jo Ann Skousen’s Odds & Trends

Jo Ann Skousen

Movie reviews, theater reviews, and commentaries by Jo Ann Skousen, author, editor, professor and Mark's wife of 41 years. She is the Festival Director for the Anthem Libertarian Film Festival and the entertainment editor for Liberty Magazine.

Mark Skousen’s Investor’s CAFE

Mark Skousen Investors CAFE

Skousen Investor CAFÉ is a weekly electronic newsletter written by Dr. Mark Skousen. Mark offers commentary on the markets, the economy, politics and other topics of interest and what they mean to individual investors. Sign up for FREE here.

FreedomFest Conference


FreedomFest is an annual festival in Las Vegas where free minds meet to celebrate “great books, great ideas, and great thinkers” in an open-minded society. It is independent, non-partisan, and not affiliated with any organization or think tank.

Anthem Film Festival

Anthem Libertarian Film Festival

Anthem is the only film festival in the country devoted to promoting libertarian ideals. Anthem shows films and documentaries that celebrate self-reliance, innovation, commerce, individual rights, and the power of persuasion over force. We are looking for the year's best films about personal and civil liberty.

Copyright © 2023 · Mark Skousen · Log in

✖

Cancel reply

Cancel