Lecture 9 - World War One

"Stock prices have reached 'what looks like a permanently high plateau,' Irving Fisher, Yale economist, told members of the Purchasing Agents Association at its monthly dinner meeting at the Builders." - The New York Times (Oct 16th, 1929)

No American century on record better contrasts the promises and nightmares of modern life than the 'roaring twenties.'

Disillusioned from a "Great War" that no one thought could happen and which few wanted to fight, the industrial capacity that drove the horrors of war was refocused on satisfying the consumer. From the scars of European battlefields, the global economy surged, with Americans leading the way and creating their "middle class" in the process.

We'll end by discussing the role a rising standard of education played in the period, and whether better markets make smarter people (or vice versa).

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