p>The National Industrial Recovery Act (NIRA) was another New Deal effort to keep prices high. Under this legislation passed in June 1933
the length and severity of the Great Depression were the result of other factors. We will now consider this issue in more detail.
Why was the Great Depression So Lengthy and Severe?
The length and severity of the Great Depression were the result of bad policies. There were four major policy mistakes that caused the initial downturn to worsen and the depressed conditions to continue on and on. Letâ€
s take a closer look at each of them.
1. A sharp reduction in the supply of money during 1930–1933 and again in 1937–1938 reduced aggregate demand and real output. The supply of money expanded slowly but steadily throughout the 1920s. From 1921 through 1929
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