This chapter uses the Great Depression as a case study to investigate Keynes' and Friedman's respective appraisals of this severe episode. We analyse first Friedman's explanation of the Great Depression as phenomenon driven by monetary mismatches. We show that the late Friedman eventually put at...

This paper analyses the proposals Keynes' made in his political writings regarding unemployment, extending arguments made in The General Theory. The first issue is the relevance of voluntary unemployment to an understanding of Keynes' views on 'structural' unemployment. The second issue is the...