Description
a) Summarize your understanding of Eichengreen's argument.
b) What is the "intellectual confusion" he refers to?
c) What Principles of Economics are being called into question?
d) How is the author's distinction between "theoretical" economics and "historical" economics related to "positive" economics and "normative" economics?
e) How does the author distinguish between "policy advice" and "regulatory integrity"?
f) Is the author recommending different economic models, or a different approach to policy advice and regulation, or both?
g) Can you make any relevant connections between what Eichengreen is arguing and the various policy "prescriptions" advocated by the current U.S. presidential administration and Congress?
Explanation & Answer
Attached.
Running head: GREAT DEPRESSION
1
Eichengreen's Version of Great Depression
Student’s Name
Institutional Affiliation
Course Name
Subject Name
Date
GREAT DEPRESSION
2
a) Summarize your understanding of Eichengreen's argument.
Eichengreen believes in an interdisciplinary approach to understanding the financial crisis
of 2008/2009. Eichengreen supports historical analogies are critical tools for understanding how
the foreign policy might have led to the crisis, but he argued that it is critical to consider the full
range of historical experience and it would be inappropriate for the economists to cherry-pick
their cases from history when trying to understand the financial crisis.
b) What is the "intellectual confusion" he refers to?
The intellectual confusion Eichengreen refers to entails the failure of scholars to come
into a conclusion into the real reason the financial...
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