A Reassessment of Investment Failure in the Interwar American Economy
重新评估了1930年代美国经济复苏缓慢的原因，发现工业投资结构变化和新技术投资不足是关键，对理解新政政治经济学和战后经济史有启发。
A radical shift in the industrial composition of investment and final demand played an important role in delaying a complete recovery from the trough of 1932. Under the conditions of technological discovery prevailing in the 1930s, this shift in the composition of demand made full employment virtually impossible to achieve as recovery from the crash got under way. A complete recovery required a mass of interrelated new techniques and human and physical capital which, in the timid financial environment prevailing after 1929 (and given the uncertainties of the New Deal), could not be organized on the necessary scale by private investment markets. These findings pose a new agenda for research on the political economy of the New Deal and on the economic history of the post-World War II era.