Forecasting & Business Charts [Slideshow]

The slideshow below, assembled by Walter Friedman, author of Fortune Tellers: The Story of America’s First Economic Forecasters, brings together several forecasting and business charts from the early twentieth century.

More information on many of these charts and the forecasters themselves is in Friedman’s book which you can sample here. If you would like to download a PDF of these images and captions, please right click and save this file.

[portfolio_slideshow size=large id=29711 autoplay=false random=false centered=true carousel=false navstyle=graphical navpos=top pagerstyle=thumbs pagerpos=bottom]

 

 

BOOK FACT FRIDAY – The Federal Reserve & Ben S. Bernanke

k9928“The Federal Reserve was founded 1914, and concerns about both macroeconomic stability and financial stability motivated the decision of Congress and President Woodrow Wilson to create it. After the Civil War and into the early 1900s, there was no central bank, so any kind of financial stability functions that could not be performed by the Treasury had to be done privately.” -Ben S. Bernanke, from chapter one of The Federal Reserve and the Financial Crisis

In 2012, Ben Bernanke, chairman of the U.S. Federal Reserve, gave a series of lectures about the Federal Reserve and the 2008 financial crisis, as part of a course at George Washington University on the role of the Federal Reserve in the economy. In this unusual event, Bernanke revealed important background and insights into the central bank’s crucial actions during the worst financial crisis since the Great Depression. Taken directly from these historic talks, The Federal Reserve and the Financial Crisis offers insight into the guiding principles behind the Fed’s activities and the lessons to be learned from its handling of recent economic challenges.

Ben S. Bernanke is chairman of the U.S. Federal Reserve. He has served as chairman of the President’s Council of Economic Advisors and as a member of the Board of Governors of the Federal Reserve. Before his time in public service he was a professor of economics at Princeton University. His many books include Essays on the Great Depression and Inflation Targeting (both Princeton).

The Federal Reserve and the Financial Crisis
by Ben S. Bernanke

We invite you to read chapter one online at: http://press.princeton.edu/chapters/s9928.pdf

BOOK FACT FRIDAY

FACT: With the introduction of the income tax in 1913, tariffs were no longer a major source of government revenue.  As a result, Congress began to use tariffs mainly to protect domestic industries from imports.

Peddling Protectionism:
Smoot-Hawley and the Great Depression

By Douglas A. Irwin

The Smoot-Hawley tariff of 1930, which raised U.S. duties on hundreds of imported goods to record levels, is America’s most infamous trade law. It is often associated with–and sometimes blamed for–the onset of the Great Depression, the collapse of world trade, and the global spread of protectionism in the 1930s. Even today, the ghosts of congressmen Reed Smoot and Willis Hawley haunt anyone arguing for higher trade barriers; almost single-handedly, they made protectionism an insult rather than a compliment. In Peddling Protectionism, Douglas Irwin provides the first comprehensive history of the causes and effects of this notorious measure, explaining why it largely deserves its reputation for combining bad politics and bad economics and harming the U.S. and world economies during the Depression.  Peddling Protectionism tells a fascinating story filled with valuable lessons for trade policy today.

We invite you to read the introduction online at:
http://press.princeton.edu/chapters/i9430.pdf

Douglas A. Irwin is the Robert E. Maxwell ’23 Professor of Arts and Sciences in the Department of Economics at Dartmouth College. He is the author of Against the Tide: An Intellectual History of Free Trade and Free Trade under Fire.