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The Great Depression

In: Money, Banking, and the Business Cycle

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  • Brian P. Simpson

Abstract

This chapter analyzes the Great Depression in detail. The Great Depression has been analyzed many times, even a few times based on Austrian business cycle theory (ABCT).1 Most writers on the Great Depression do not analyze that episode using ABCT and therefore are led to commit a number of errors. These errors include, but are not limited to, believing that the constraints of the gold standard caused or made the Great Depression worse and that recovery was only possible by abandoning the gold standard. They also include the belief that the Great Depression was caused by a reduction in consumption and that the solution to recovery was expansionary “fiscal policy.”2 These claims will not be addressed in this chapter. I address them elsewhere.3

Suggested Citation

  • Brian P. Simpson, 2014. "The Great Depression," Palgrave Macmillan Books, in: Money, Banking, and the Business Cycle, chapter 8, pages 187-219, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-33149-6_9
    DOI: 10.1057/9781137331496_9
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