Whatreallycaused the Great Recession? Rhyme and repetition in a theme from the 1930s
重新审视了1930年代关于经济大萧条源于技术进步不均和垄断竞争的观点，并将其与2008年金融危机对比，发现金融部门过度行为是加剧因素而非初始原因。
Diagnoses of the 2008 financial crisis have invoked arguments involving real sector developments that, though much debated in the 1930s, had largely disappeared from the literature in recent decades. Prompted by these revivals, the present study re-examines an inter-war conviction that the Depression had its origins in uneven technological progress and monopolistic competition. Effectively reversing the induced roundaboutness view of the Austrian thesis, these writings noted a conflict between the resulting need for monetary accommodation and its potentially destabilising distributional consequences. A common framework permits the extent of similarity in inter-war and contemporary American experience to be assessed, with the comparison drawing attention to the 1990s’ NASDAQ boom and the subsequent financial behaviour of the US corporate sector. Consistently with the earlier literature but contrary to recent conclusions, financial sector excess is seen as an aggravating factor, rather than an initiating cause of the recession.