At the time of the Great Depression, in the so-called New Deal, the Hoover Dam was the largest construction project on the planet. Hoover City was just one of the results.
Hoover Dam might have helped the local area, but it’s actually a myth that the New Deal ended the Great Depression. It took a world war and all the extra government spending that went with that, finally, to bring the economy out of the doldrums.
As a young man John Maynard Keynes was a member of the bohemian Bloomsbury Set. A group that would significantly change Keynes’ outlook.
Will Hutton “Keynes foresaw that the reparations were too onerous, would have to be adjusted and that actually you are laying the seeds of the next European conflagration. He thought it was unbelievably short-sighted. He was right.”
Friedrich Hayek viewed recession as a natural part of the recovery of bust. An economic healing that must be endured for the long-term good.
In The Road to Serfdom, Hayek makes a moral argument that government attempts to control the economy ultimately enslave its people.
The question surrounding economic intervention by a government is an intellectual argument that has raged for decades.
The question has vexed economists and politician alike for decades. John Maynard Keynes and Friedrich Hayek took opposite sides in the argument.
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