Not So Good News

More

Green chutes optimism is misplaced. The economic crisis continues to deepen at a pace that is on par with or worse than that of the Great Depression, according to an updated analysis by economists Barry Eichengreen and Kevin O'Rourke. They conclude that even though "trade and stock markets have shown some improvement without reversing the overall conclusion - today's crisis is at least as bad as the Great Depression" (pointer via Mark Thoma).

Their first graph (below) tracks world industrial output leading them to conclude that: "World industrial production continues to track closely the 1930s fall, with no clear signs of 'green shoots."' They add that: "North Americans (U.S. & Canada) continue to see their industrial output fall approximately in line with what happened in the 1929 crisis, with no clear signs of a turn around."



output.gif
stock markets.gif
Their second graph shows that even though global stock markets have rebounded a bit, they "are still following paths far below the ones they followed in the Great Depression."
Jump to comments
Presented by

Richard Florida is Senior Editor at The Atlantic and Director of the Martin Prosperity Institute at the University of Toronto. See his most recent writing at The Atlantic Cities. More

Florida is author of The Rise of the Creative Class, Who's Your City?, and The Great Reset. He is founder of the Creative Class Group.

Get Today's Top Stories in Your Inbox (preview)

Sad Desk Lunch: Is This How You Want to Die?

How to avoid working through lunch, and diseases related to social isolation.


Elsewhere on the web

Join the Discussion

After you comment, click Post. If you’re not already logged in you will be asked to log in or register. blog comments powered by Disqus

Video

Where Time Comes From

The clocks that coordinate your cellphone, GPS, and more

Video

Computer Vision Syndrome and You

Save your eyes. Take breaks.

Video

What Happens in 60 Seconds

Quantifying human activity around the world

Writers

Up
Down

More in National

From This Author

Just In