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.
Most historians donât blame President Herbert Hoover for causing the Great Depression. The Depression was caused by several factors, some of which were: 1. Americaâs reliance on the gold standard. The government was obligated to redeem paper money with gold.