Sylvia Nasar: Keynes and Fisher (3/5)

The transcript discusses the evolution of economic governance, focusing on the late 19th and early 20th centuries. It highlights Irving Fisher's theories on recessions and inflation, emphasizing the role of government in managing money flow to prevent economic downturns. The text also examines the impact of countries leaving the gold standard, showing that those who did so earlier experienced milder recessions. The importance of monetary expansion in economic recovery is underscored, challenging structural theories that attribute economic issues to inequality or budget imbalances.

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