Economic Power and the Financial Machine: Competing Conceptions of Market Failure in the Great Depression
探讨1930年代美国经济学家对大萧条的两种解释：收入财富集中导致市场权力集中，以及金融机器未能将储蓄转化为投资，并分析这些观点在临时国家经济委员会中的融合及其对战后产业组织与就业理论的影响。
In the early 1930s American economists widely attributed the catastrophe of the Great Depression to concentration of income and wealth and the consequent concentration of market power, which interfered with the proper working of markets. Alongside this, there developed another theory of market failure in which depression stemmed from the failure of the financial machine to translate saving into investment. The article explores how these two views of market failure came together in the proceedings of the Temporary National Economic Committee, arguing that the ideas about markets found there were important for postwar work on both industrial organization and the theory of employment.