Rothbard opens with a theoretical treatment of business cycle theory, showing how an expansive monetary policy generates imbalances between investment and consumption.
Hall Distinguished Professor of Economics at the University of Nevada, Las Vegas, he was also Academic Vice President of the Ludwig von Mises Institute in Auburn, Ala..
The S.
J.
Rothbard, the author of 25 books and thousands of articles, was a historian, philosopher, and dean of the Austrian School of economics.
About the Author Murray N.
The damage to the intellectual world inflicted by Keynesian- and socialist-style treatments would be limited from that day forward.
Even so, its appearance in 1963 meant that free-market advocates had their first full-scale treatment of this crucial subject.
Had the book appeared in the 1940s, it might have spared the world much grief.
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.
He showed that the stock market correction was merely one symptom of the investment boom that led inevitably to a bust.
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.
Rothbard opens with a theoretical treatment of business cycle theory, showing how an expansive monetary policy generates imbalances between investment and consumption
