Brad DeLong, Tyler Cowen, and Justin Fox all make much of Christina Romer's expertise on the causes of the Great Depression. And, indeed, Romer does seem to be an expert on the Depression. She even wrote the Encyclopedia Brittanica entry on the subject. This is a point you frequently hear in Ben Bernanke's defense, too: He's also an expert on the Great Depression. But can this really be so useful? It's hard to believe that a complex financial crisis in 2008 is so similar to a complex economic crisis in 1929 that you need an incredibly subtle understanding of the latter to effectively apprehend the former. Presumably most economists know enough not to repeat the basic mistakes of the 1930s, and the question is which economists know enough to avoid the possible mistakes of the 2000s. Is there any real reason to assume otherwise? IS THE GREAT DEPRESSION RELEVANT?
Brad DeLong, Tyler Cowen, and Justin Fox all make much of Christina Romer's expertise on the causes of the Great Depression. And, indeed, Romer does seem to be an expert on the Depression. She even wrote the Encyclopedia Brittanica entry on the subject. This is a point you frequently hear in Ben Bernanke's defense, too: He's also an expert on the Great Depression. But can this really be so useful? It's hard to believe that a complex financial crisis in 2008 is so similar to a complex economic crisis in 1929 that you need an incredibly subtle understanding of the latter to effectively apprehend the former. Presumably most economists know enough not to repeat the basic mistakes of the 1930s, and the question is which economists know enough to avoid the possible mistakes of the 2000s. Is there any real reason to assume otherwise? 
