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.
The immediate cause of the recession that became the Great Depression was the collapse of private investment. This major component of demand fell from $92 billion in 1929 to $9.9 billion in 1932. Exports fell as well but so did imports.