Page "Panic of 1837" Paragraph 10

Most economists also agree that there was a brief recovery from 1838 to 1839, which then ended as the Bank of England and Dutch creditors raised interest rates.

However, economic historian Peter Temin has argued that, when corrected for deflation, the economy actually grew after 1838.

According to economist and historian Murray Rothbard, between 1839 and 1843, real consumption increased by 21 percent and real gross national product increased by 16 percent, despite the fact that real investment fell by 23 percent and the money supply shrank by 34 percent.