Privatization Pep Rally

Enrique Diaz-Alvarez enrique at
Thu Jul 30 10:47:31 PDT 1998

Max Sawicky wrote:
> >Ok, enlighten me: (and I'm not being sarcastic, I really want to
> >know...) which "business cycle" most closely corresponds to what we
> >noneconomists refer to as the "great depression", what was its average
> >growth rate, and how does it compare to other business cycles before and
> >after? (And while your at it, just how do you define a "business
> >cycle", anyway? Seems like kind of a squishy concept, to me)
> Forgive me for not looking all of this up for you.
> I responded originally because I strongly suspect
> there was no peak near the beginning of the Thirties.
> The crash was in '29, after all.

Accorsing to Galbraith, industrial production peaked around June of '29. By the time of the crash, it had already started a gentle slide, which didn't accelerate until November.

So, it seems that picking January 1930 as the peak is not too far off the mark.

-- Enrique Diaz-Alvarez Office # (607) 255 5034 Electrical Engineering Home # (607) 758 8962 112 Phillips Hall Fax # (607) 255 4565 Cornell University mailto:enrique at Ithaca, NY 14853

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