Quick Postscript

There is a takeaway from the Higgs book that I don't think I was particularly clear about in my post the other day. While the notion that the war contributed to the recovery was not revealed as total farce by Higgs, he did make a persuasive case, in my estimation, that the war actually had to end first before any recovery could take hold. Which I think is a unique insight compared to the standard narrative. So, to those who rely on the war as an example of fiscal stimulus that had the desired result, what if the war had dragged on for another 5 or 10 years? People in this country had to deal with rationing, the death of loved ones overseas, and generally a command economy. Way less than ideal. But, somehow compelling for many economic thinkers.