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George Selgin: Gap between U.S. actual and potential real GDP remained until WWII

George Selgin: Gap between U.S. actual and potential real GDP remained until WWII
U.S. GDP gap persisted until WWII

George Selgin highlights that while U.S. real GDP increased significantly between 1933 and 1937, this did not constitute a full recovery. He explains that potential real GDP also grew rapidly during this period, meaning the gap between actual and potential output persisted. According to Selgin, the U.S. did not come close to closing this gap until the onset of World War II.

Selgin has previously questioned the role of government interventions, describing actions during spending collapses as bailouts for producers. He has also discussed how President Franklin D. Roosevelt approved deficit spending after the 1937-8 recession. These topics add context to his ongoing examination of recovery and economic policy during the era.

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