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Cassel, Ohlin, Åkerman and the Wall Street Crash of 1929

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  • Carlson, Benny

Abstract

The 1929 stock market crash on Wall Street is one of the most spectacular economic events of all times. In Sweden, leading economists got involved in a lively debate on the events on Wall Street before, during and after the crash. Three of them were particularly active. Gustav Cassel and Bertil Ohlin were not overly worried since they regarded the stock market mania and the panic as phenomena more or less disconnected from the rest of the economy. Their theoretical argument was that booms and busts upon a stock market cannot create or destroy capital or purchasing power. Johan Åkerman on the contrary warned repeatedly that a serious stock market crash was in the making and, once it had happened, that it would in many ways affect the entire economy.

Suggested Citation

  • Carlson, Benny, 2022. "Cassel, Ohlin, Åkerman and the Wall Street Crash of 1929," OSF Preprints 78ahc_v1, Center for Open Science.
    • Handle: RePEc:osf:osfxxx:78ahc_v1
    DOI: 10.31219/osf.io/78ahc_v1
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    References listed on IDEAS

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    1. Mauro Boianovsky & Hans-Michael Trautwein, 2007. "Johan Åkerman vs. Ragnar Frisch on Quantitative Business Cycle Analysis," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 14(3), pages 487-517.
    2. White, Eugene N, 1990. "The Stock Market Boom and Crash of 1929 Revisited," Journal of Economic Perspectives, American Economic Association, vol. 4(2), pages 67-83, Spring.
    3. Douglas A. Irwin, 2014. "Who Anticipated the Great Depression? Gustav Cassel versus Keynes and Hayek on the Interwar Gold Standard," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 46(1), pages 199-227, February.
    4. Milton Friedman & Anna J. Schwartz, 1965. "The Great Contraction, 1929–33," NBER Books, National Bureau of Economic Research, Inc, number frie65-1, February.
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