The Great schism in American economics : an interdisciplinary analysis of 20th century U.S. economics: 1929-1955

Normally when I come across master's thesis to review for my own research I'm very skeptical. However, Kriete does a good job infusing economics with history in order to understand public policy and the ramifications of action versus inaction. I would like to assume he believes austerity is the answer. He never offers a genuine proposal as to how he would of mitigated unemployment yet he is quick to point out the exensive list of failures brought forth by the Hoover and Roosevelt administrations. Perhaps he would be better served by expanding the background of economic history. He glosses over the mercantile system and the transition towards market capitalism yet it is one of the most powerful sections in proving the value in the reduced role of the state in economic affairs and the rise of the US and the West as economic powerhouses. He also covers nearly a century of economic activity with his trends analysis which could on its own become a thesis or dissertation project.

Overall, this is very useful in providing detailed analysis of the New Deal era and especially powerful arguments presented for those critical of interference in market economies. This is the sort of thesis that should be expanded into a dissertation or an expanded work published in the private sphere.

The bulk of Mr. Kriete's work is heavily biased and screams as someone who is openly asserting the antithesis of Austerity is relentless depression. Mark Blyth would take him to task here as he asserts the power of austerity is only a continuation of the Hoover-esque floundering in the economy. Mr. Kriete does offer a compelling argument that the size and scope of the New Deal offered more headaches than solutions and that while it was motivational to the citizenry if there is no actual economic benefit Keynesian spending can only further the economic rut one is in. Very compelling work that should address clear biases such as his heavy handed approach with Thomas Sowell and the Vedder and Galloway duo.