The Midas paradox : financial markets, government policy shocks, and the Great Depression /

The Midas paradox : financial markets, government policy shocks, and the Great Depression /

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Bibliographic Details
Author / Creator:	Sumner, Scott, 1955-
Imprint:	Oakland, California : The Independent Institute, [2015]
Description:	1 online resource
Language:	English
Series:	Independent studies in political economy Independent studies in political economy.
Subject:	Depressions -- 1929 -- United States. Monetary policy -- United States -- History -- 20th century. Depressions. Economic policy. Monetary policy. United States -- Economic policy -- 20th century. United States. History.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/11908953

Hidden Bibliographic Details
ISBN:	9781598131536 1598131532 9781598131529 1598131524 9781598131505 1598131508 9781598131512 1598131516
Notes:	Includes bibliographical references and index. Print version record.
Summary:	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.--
Other form:	Print version: Sumner, Scott B. Midas paradox. Oakland, California : Independent Institute, [2015] 9781598131505

Table of Contents:

Introduction
From the Wall Street crash to the first banking panic
The German crisis of 1931
The "liquidity trap" of 1932
A foolproof plan for reflation
The NIRA and the hidden depression
The rubber dollar
The demise of the gold bloc
The gold panic
The midas curse and the Roosevelt depression
The influence of the depression on macroeconomic thought
Concluding remarks
Theoretical issues in modeling the Great Depression.