Are the Austrians Too Harsh? - John P. Cochran - Mises Daily

Are the Austrians Too Harsh? - John P. Cochran - Mises Daily: "The Journal, then, granting NBER's chronology, contrasts the current recession and 'recovery' with the almost equally long (16 months) and severe (unemployment peaked above 11 percent) recession of July 1981–November 1982 and subsequent recovery. Their conclusion is that the different policy circumstances significantly explain the drastically different recovery paths: following the trough in late 1982, the economy rapidly surpassed the prerecession levels of output. But currently, nearly 15 months past the trough, our economy is still significantly below prerecession levels."