Did FDR’s Policies Prolong the Great Depression?

In this morning’s Notable and Quotable section in the Wall Street Journal’s opinion page, WSJ quotes a UCLA news release from August 30, 2004 announcing that two UCLA economists have concluded from their extensive study of the Great Depression, that the Great Depression dragged on so long because of extensive government interference. “Ironically,” the two professors noted, “our work shows that the recovery would have been very rapid had the government not intervened.” The entire release on the work of economists Harold Cole and Lee Ohanian is available at the UCLA’s Newsroom. Also see the  September 26, 2011 WSJ commentary by Cole and Ohanian “Stimulus and the Depression: The Untold Story  The original paper, “New Deal Policies and the Great Depression” is available for download.