The first thing you need is obviously a replacement water heater element, and also a socket to fit. The most common size is 1 1/2â³, and a couple of screwdrivers and nut drivers depending on exactly what you need on your water heater to expose the element.
Essentially, the Great Depression, in their view, was caused by the fall of the money supply. The result was what Friedman calls the Great Contraction â a period of falling income, prices, and employment caused by the choking effects of a restricted money supply.
They argue that the Great Depression was caused by the banking crisis that caused 1/3 of all banks to vanish, a reduction of bank shareholder wealth and more importantly monetary contraction by 35%. This caused a price drop by 33% (Deflation).