the global melodrama

[michael perelman]

The economy grew during the "fast deflation" of the late 19th C.  Profits fell,
wages did not increase much, but the economy grew, leading some to deny that
any depression occured.

Brad De Long wrote:


> 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...
>

--
Michael Perelman
Economics Department
California State University
Chico, CA 95929

Tel. 530-898-5321
E-Mail michael at ecst.csuchico.edu