A note on America's 1920-21 depression as an argument for austerity
指出，将美国1920-21年大萧条作为紧缩政策成功案例是不恰当的，因为紧缩措施早于萧条，且萧条主要由供给约束而非需求不足引起，不能有效检验凯恩斯主义财政政策。
This note argues that recent interest in the 1920–21 depression in the USA as a historical precedent for austerity is inappropriate. Most of the austerity measures preceded the depression, which had already begun receding by the time Warren Harding implemented the relatively modest spending and tax cuts that are cited by modern proponents of austerity. The evidence suggests that the 1920–21 depression was the result of a variety of supply constraints, rather than a deficiency of effective demand, and is therefore a poor test of the efficacy of Keynesian fiscal policy.