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Economic historians have made great progress in unraveling the causes of the Great Depression, but not until Scott Sumner came along has anyone explained the multitude of twists and turns the economy took. In The Midas Paradox: Financial Markets, Government Policy Shocks, and the Great Depression, Sumner offers his magnum opus the first book to comprehensively explain both monetary and non-monetary causes of that cataclysm. Drawing on financial market data and contemporaneous news stories, Sumner shows that the Great Depression is ultimately a story of incredibly bad policymaking by central bankers, legislators, and two presidents especially mistakes related to monetary policy and wage rates. He also shows that macroeconomic thought has long been captive to a false narrative that continues to misguide policymakers in their quixotic quest to promote robust and sustainable economic growth. The Midas Paradox is a landmark treatise that solves mysteries that have long perplexed economic historians, and corrects misconceptions about the true causes, consequences, and cures of macroeconomic instability. Like Milton Friedman and Anna J. Schwartz's A Monetary History of the United States, 1867–1960, it is one of those rare books destined to shape all future research on the subject. --
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Previews available in: English
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1
Midas Paradox: Financial Markets, Government Policy Shocks, and the Great Depression
2015, Independent Institute, The
in English
1598131532 9781598131536
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2
Midas Paradox: Financial Markets, Government Policy Shocks, and the Great Depression
2015, Independent Institute, The
in English
1598131524 9781598131529
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zzzz
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3
Midas Paradox: A New Look at the Great Depression and Economic Instability
2015, Independent Institute, The, The Independent Institute
in English
1598131508 9781598131505
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aaaa
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4
Midas Paradox: Financial Markets, Government Policy Shocks, and the Great Depression
2015, Independent Institute, The
in English
1598131540 9781598131543
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zzzz
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5
Midas Paradox: A New Look at the Great Depression and Economic Instability
2014, Independent Institute, The
in English
1598131516 9781598131512
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zzzz
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