It would have required acknowledging that the causes of the Great Depression ran much deeper than a technocratic failure to manage the money supply properly. And doing that would have been tantamount to admitting the merits of social democracy and recognizing that the failure of markets can sometimes be a greater danger than the inefficiency of governments.
承认货币主义药方不足以解决问题需要主流经济学家抵抗当代新自由主义潮流。这需要承认大萧条的原因远比在恰当的货币供应管理问题上官僚主义失败更加深刻。而这样做意味着承认社会民主的优点，并认识到市场失灵有时可能比政府效率低下更加危险。