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.
Focused on their own individual situations, these people did not recognize that their actions would soon combine with a number of other factors to produce the Great Depression. Historians at the beginning of the twenty-first century recognize a number of causes for the Great Depression, including the following: 1  Chronic agricultural overproduction and low prices for farm products. 2  Overproduction of consumer goods by manufacturing industries.