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Summer School 7: The Great Depression, the New Deal and how it changed our economy
Planet Money
Absurdity Can Drive Economic Revival
FDR's approach to addressing the Great Depression included manipulating the price of gold, a strategy lacking in economic rationale but effectively halted a downward price spiral. By increasing gold prices through government purchases, FDR aimed to stabilize the economy. This unconventional decision, famously made over casual conversations, demonstrated that sometimes arbitrary or subjective measures, rather than strictly logical ones, can lead to significant economic recovery. Ultimately, a shift away from the gold standard played a crucial role in overcoming the Great Depression.
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