America's Great Depression (LFB)

Economist Murray Rothbard opens America's Great Depression with a theoretical treatment of business-cycle theory, showing how an expansive monetary policy generates imbalances between investment and consumption. He proceeds to examine the Fedís policies of the 1920s, demonstrating that it was quite inflationary even if the effects did not show up in the prices of goods and services. He showed that the stock-market correction was merely one symptom of the investment boom that led inevitably ...