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Recommended Reading:
- Readings: Ivan Pongracic, “The Great Depression According to Milton Friedman.” Milton Friedman, “The Permanent Income Hypothesis.” [NOTE: This is a technical book chapter, which will be too difficult for most students to completely follow. However, interested students should at least look at Friedman’s concluding paragraphs to understand how his approach differed from the typical Keynesian one.] Online lecture: Robert P. Murphy, Contrasting Views of the Great Depression.”
- Topics: The Chicago School’s critique of Keynesianism, esp. regarding Great Depression.