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Economics

Could Science Cure the Economy?

On New Year’s Day in 1933, Joseph Barker, the dean of the Columbia University School of Engineering, announced the "formation of a research group of unparalleled magnitude" to come up with solutions to the economic crisis.

Widely publicized "cure-alls" for the Great Depression based on "unsound, unscientific reasoning" had multiplied as the crisis deepened. Barker said his team would undertake the "scholarly study of the cold, factual data relating to the causes of this depression."