Populist efforts for bimetallism and the deflationary pressures of the late 19th century.
Published in 1963, by Milton Friedman and Anna J. Schwartz is considered one of the most influential economics books of the 20th century. It fundamentally shifted the economic consensus by arguing that the money supply is a primary driver of economic activity and stability. The Core Thesis: "Money Matters"
The authors argued that the Depression was not a "market failure" but a "government failure." They blamed the Federal Reserve for allowing the money supply to shrink by one-third between 1929 and 1933.
Changes in the money supply profoundly influence the economy's behavior, including fluctuations in income and prices.
The book contends that had the Fed maintained a steady money supply, the severe contraction could have been avoided or significantly mitigated. Key Historical Episodes Analyzed The book covers several distinct monetary eras:
The book's most famous section, Chapter 7 (often published separately as The Great Contraction ), reinterpreted the Great Depression.
Populist efforts for bimetallism and the deflationary pressures of the late 19th century.
Published in 1963, by Milton Friedman and Anna J. Schwartz is considered one of the most influential economics books of the 20th century. It fundamentally shifted the economic consensus by arguing that the money supply is a primary driver of economic activity and stability. The Core Thesis: "Money Matters" A Monetary History of the United States, 1867-1960
The authors argued that the Depression was not a "market failure" but a "government failure." They blamed the Federal Reserve for allowing the money supply to shrink by one-third between 1929 and 1933. It fundamentally shifted the economic consensus by arguing
Changes in the money supply profoundly influence the economy's behavior, including fluctuations in income and prices. The book contends that had the Fed maintained
The book contends that had the Fed maintained a steady money supply, the severe contraction could have been avoided or significantly mitigated. Key Historical Episodes Analyzed The book covers several distinct monetary eras:
The book's most famous section, Chapter 7 (often published separately as The Great Contraction ), reinterpreted the Great Depression.