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Alexander Field: When Hard Times Led to a Boom: New York Times
Wednesday, Apr. 20, 2011
Alexander J. Field, Michel and Mary Orradre Professor of Economics, was interviewed by David Leonhardt, from the New York Times, at a recent book- signing party for his book A Great Leap Forward.
Leonhardt asked Professor Field questions about the Great Depression and its impact on the economy because Field’s book argues that the horrible years of the Great Depression set the stage for the post- World War II prosperity.
Leonhardt questioned Field about this claim to which Field responded, “The conventional wisdom is that the war somehow magically transformed the doom and gloom of the Depression into the U.S. standing like a colossus astride the world in 1948. My counterargument is that potential output expanded by leaps and bounds between 1929 and 1941, and it was this expansion in capacity that both helped us win the war and established the foundations for postwar prosperity.”
Read the full New York Times article here >>
Read Professor Field’s bio here >>