MacroEconomics – The Great Depression Lesson – what do people say
Principles of Macroeconomics: An Evolutionary Approach
Author(s): Max Gillman
What do people say :
Have you heard of The Roaring Twenties? The expression refers to the 1920s; it was considered roaring because it was a time of prosperity and change in the United States.
New technological improvements were changing lifestyles in the United States.
People were having their homes updated with electricity.
Radios, refrigerators, electric appliances and telephones were becoming a part of the American way of life.
Cars were becoming affordable for the middle class, thanks to Henry Ford.
Many influential people felt the good times were here to stay.
Although people thought the good times would last forever, beginning in 1929 and throughout the 1930s, the economy went through the worst economic downturn in U.S. history – the Great Depression. Since then, people have suggested many causes for the Depression. Because economic conditions were so bad, and so many things happened between 1929 and 1940, economists and historians still study the Great Depression to better understand its causes. As it turns out, the Great Depression encouraged the development of the field of economics we call macroeconomics.
Those who cannot remember the past are condemned to repeat it. – George Santayana
For this lesson, you will be working as a reporter for a local online news service, the Smalltown Herald. Your job requires you to do research on special topics and to produce newsletters on these topics. As you read, you should gather information to construct a newsletter about the Great Depression that will be included as a special section in the weekend edition of the newspaper. Newspaper reporters often start the story process by doing lots of research. You should start your research by reading the following document prepared by a Federal Reserve economist.
Letters in Time
Your investigation has led you to a series of personal letters. While these letters are fictitious, they reflect historical facts and the true historical mood. Choose one of the letters below and report your findings on the discussion board by clicking on the thread that matches the number of the letter, for example, Letter #3 ( I chose Letter 5 attached )
Discussion Board Topic: Letters in Time
What are the authors concerns? How does the author feel? Summarize the authors perspective on the Great Depression and its causes in your discussion board post. Make sure you look for clues in the letters that identify economic conditions that might have contributed to economic problems during this time period.
Another Discussion :
Use information from the lesson to construct a story for your online news service that reflects what you have learned about the causes of the Great Depression. You may choose to do one of the following items to fulfill the requirement. When you are finished, submit your work to the discussion board. Feel free to read and comment on the writings of your classmates.
A one-page, double-spaced newspaper article on the factors that contributed to the Great Depression, including a newspaper-like title for the article (approximately 400 words).
An editorial expressing a specified concern about the economy or an economic problem and the writers recommendation of a solution for that problem (approximately 400 words).