James Ahiakpor writes, inter alia:
 >
As for Gaffney's concerns, he should consult the relevant literature
documenting Irving Fisher's numerous activities and recommendations
of policy to address the falling price level during the early 1930s
as a means of dealing with the Depression.  Throwing accusations at
Fisher for not having done much, if anything, to address conditions
in those days might be excusable if they came from someone who didn't
claim an interest in or familiarity with the history of economic
thought, I think.
 >


It would be more helpful, James, for you to cite chapter and verse from
Fisher. I should be flattered that you find it more important to fault me
than defend Fisher, but I think most readers would rather you stuck to
Fisher. I wrote earlier that I am prepared to apologize and retract if shown
evidence of my error, so please show some.

As to the falling price level, it seems to me that one big problem in the
depression was that many prices did NOT fall as demand fell. Rail and
utility rates were rigid. Hoover had fostered cartels throughout American
business to maintain prices: he called it "associationism". FDR continued
the policy as NRA. If Fisher thought, as you imply, that price maintenance
was a cure for the depression, he was surely on the wrong track. Gardiner
Means published a good deal on this subject, as did activist Thurman Arnold,
who revived anti-trust policy after the 1937 recession.

Mason Gaffney