America's Great Depression Murray N. Rothbard

America's Great Depression
Murray N. Rothbard

Murray Rothbard America's Great Depression Acrobat PDFWriter 4.05 for Windows NT

Applied
Austrian economics doesn't get better than this. Murray N. Rothbard's
America's Great Depression is a staple of modern economic literature and
crucial for understanding a pivotal event in American and world
history.

The Mises Institute edition features, along with a new
introduction by historian Paul Johnson, top-quality paper and bindings,
in line with the standard set by The Scholars Edition of Human Action.

Since
it first appeared in 1963, it has been the definitive treatment of the
causes of the depression. The book remains canonical today because the
debate is still very alive.

Rothbard opens 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 Fed's policies of the 1920s, demonstrating that
it was quite inflationary even if the effects did not show up in the
price of goods and services. He showed that the stock market correction
was merely one symptom of the investment boom that led inevitably to a
bust.

The Great Depression was not a crisis for capitalism but
merely an example of the downturn part of the business cycle, which in
turn was generated by government intervention in the economy. Had the
book appeared in the 1940s, it might have spared the world much grief.
Even so, its appearance in 1963 meant that free-market advocates had
their first full-scale treatment of this crucial subject. The damage to
the intellectual world inflicted by Keynesian- and socialist-style
treatments would be limited from that day forward.

http://mises.org/Rothbard/AGD.pdf

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