Narrative Economics by ROBERT J. SHILLER

Author:ROBERT J. SHILLER [SHILLER, ROBERT J.]
Language: eng
Format: epub
ISBN: 9780691182292
Publisher: PrincetonUP
Published: 2019-07-30T00:00:00+00:00

The idea that the world would now belong to the technicians who designed and ran the machinery was naturally frightening to those who did not deem themselves capable of becoming scientists—that is, most people—and it must have resulted in a hesitation to spend, invest, and hire, which worsened and prolonged the Great Depression.

The New York Times in 1933 described some amazement at the strength of the technocracy fad:

The sensational nature of the technocratic case caused a mass movement that was almost hysterical. Many of those who read Scott’s prediction that there would be 20,000,000 unemployed within two years unless something were done along lines set forth by him, vague as these were, looked to the imminent collapse of our industrial and economic system. Business contracts were even held up because of the fear engendered by technocracy.38

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