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Fiscal Stimulus, Job Creation, and the Economy: What Are the Lessons of the New Deal?

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  • Greg Hannsgen
  • Dimitri B. Papadimitriou

Abstract

As the nation watches the impact of the recent stimulus bill on job creation and economic growth, a group of academics continues to dispute the notion that the fiscal and job creation programs of the New Deal helped end the Depression. The work of these revisionist scholars has led to a public discourse that has obvious implications for the controversy surrounding fiscal stimulus bills. Since we support a new stimulus package—one that emphasizes jobs for the 9.8 percent of the workforce currently unemployed—we have been concerned about this debate. With Congress, the White House, pundits, and the press riveted on the all-important health care debate, we worry that they are also distracted by skirmishes over economic theory and history, while millions wait for a new chance to do meaningful work and effective, if imperfect, policy tools are readily at hand. (See also, Public Policy Brief No. 104.)

Suggested Citation

  • Greg Hannsgen & Dimitri B. Papadimitriou, 2009. "Fiscal Stimulus, Job Creation, and the Economy: What Are the Lessons of the New Deal?," Economics Policy Note Archive 09-10, Levy Economics Institute.
    • Handle: RePEc:lev:levypn:09-10
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    References listed on IDEAS

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    1. Dimitri B. Papadimitriou & Greg Hannsgen, 2009. "The New New Deal Fracas: Did Roosevelt's 'Anti-Competitive' Legislation Slow the Recovery from the Great Depression?," Economics Public Policy Brief Archive ppb_104, Levy Economics Institute.
    2. Dimitri Papadimitriou, 1999. "No Cheers for Full Employment," Challenge, Taylor & Francis Journals, vol. 42(6), pages 80-102, November.
    3. Dimitri B. Papadimitriou & L. Randall Wray, "undated". "Fiscal Policy For the Coming Recession: Large Tax Cuts are Needed to Prevent a Hard Landing," Economics Policy Note Archive 01-2, Levy Economics Institute.
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    Cited by:

    1. Charles J. Whalen, 2010. "Economic Policy for the Real World," Economics Policy Note Archive 10-01, Levy Economics Institute.
    2. Nathan Perry & Matías Vernengo, 2014. "What ended the Great Depression? Re-evaluating the role of fiscal policy," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 38(2), pages 349-367.
    3. Esteban Pérez Caldentey & Matias Vernengo, 2012. "Heterodox Central Bankers: Eccles, Prebisch and Financial Reform in 1930s," Working Paper Series, Department of Economics, University of Utah 2012_04, University of Utah, Department of Economics.
    4. Sunanda Sen, 2011. "The Global Crisis and the Remedial Actions: A Nonmainstream Perspective," Economics Working Paper Archive wp_677, Levy Economics Institute.
    5. António Afonso & Eduardo de Sá Fortes Leitao Rodrigues, 2022. "Is Public Investment in Construction and in R&D, Growth Enhancing? A PVAR Approach," CESifo Working Paper Series 10048, CESifo.

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