The Economist’s Free Inquiry blog took aim at economist Joe Stiglitz and his new theory that decline in America’s agricultural sector was the harbinger of more suffering than anything else in the Great Depression.

Stiglitz’s article is here.

The money quote from Free Inquiry:

Having seen Mr Stiglitz’s writing on the latest downturn, I knew he took a view of the crisis as attributable to long-term structural transformations in the economy, namely, the decline of manufacturing employment. I hadn’t realised he’d broadened this view into a new theory of depressions. Unfortunately, I can’t seem to locate the research that he indicates underlies this story; perhaps it isn’t yet published. I’d like to see it, however, because as this thesis stands it looks remarkably weak.

 

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