the global melodrama

[Brad De Long]

>
>We have a pretty small sample on which to base projections, don't we? The
>deflations of the late 19th century, which were accompanied by strong real
>growth, were different from that of the 1930s, a time of total collapse.
>You don't believe in K-waves, do you Mark?
>
>Doug

The *slow* deflations were accompanied by strong real growth. The *fast*
deflations (1873-75 in the U.S., 1893-96 in the U.S.) were not very
pleasant...

Brad DeLong