History as heresy: Unlearning the lessons of economic orthodoxy

Unprecedented liquidity injections by central bankers have gained legitimacy in recent years to stave off economic crisis and enjoy strong support from prominent economists historians. Such radical action is underpinned a remarkable agreement on specific interpretation of the Great Depression 1930s US, an proposed Milton Friedman Anna Schwartz A monetary history United States (1963). This article explores origins, limits, influence history’s for insights it offers theory study life. The book was inspired Wesley Clair Mitchell's mobilization historical research insist inherent instability capitalism. exploited heretical potential dismiss any claim that reflected systemic dysfunction US economy. Now their has become our orthodoxy, this shows how we can develop fertile link between heresy open up new lines causes greatest