Economia
1. He provides a restatement and extension of the Austrian theory of the business cycle (ABCT) while expertly defending the theory against critics;
2. He applies the theory to the inflationary boom of the 1920s and subsequent bust of 1929-30; and
3. He applies microeconomics, with special attention to what economists Richard Vedder and Lowell Gallaway[1] have called the “von Misesian-classical position on labor markets,” to show how government interventions turned what would have otherwise been a bust followed by a brief “garden variety recession,” into a prolonged depression.
Rothbard’s analysis ends with 1933, as the destructive interventions passed from the Hoover New (raw) Deal to the better-known Roosevelt New Deal. A complete Austrian analysis of the Great Depression would include an analysis of all the policy errors and regime uncertainties created by both administrations. This truly was, properly understood, “The Hoover-Roosevelt Depression.”
And, as argued by Robert Higgs (“Regime Uncertainty: Why the Great Depression Lasted So Long and Why Prosperity Resumed after the War”) and Vedder and Gallaway (“The Great Depression of 1946”), this Depression ended not with the beginning of World War II[2], but in the post-war recovery which occurred to the surprise of the Keynesian economists who were predicting a return to depression-like conditions. This return to prosperity occurred despite large declines in government spending and a large influx of surviving military personnel into the labor markets (see Arnold Kling’s “The Austerity of 1946” and Robert Higgs’s “The Myth of Pent-up Demand and the Successful Reconversion after World War II”).
Mais
- Lições Da Grande Depressão
Causas da Grande Depressão Hoover and Roosevelt − The 1920s was a period of healthy economic growth until President Herbert Hoover instituted anti-market, anti-globalization, anti-immigration, and pro-cartelization policies, Edward Prescott...
- Os Três Grandes Mitos Sobre A Grande Depressão
Historian Stephen Davies names three persistent myths about the Great Depression. Myth #1: Herbert Hoover was a laissez-faire president, and it was his lack of action that lead to an economic collapse. Davies argues that in fact, Hoover was a very interventionist...
- Como Sair Da Depressão
“It should be clear that any governmental interference with the depression process can only prolong it, thus making things worse from almost everyone’s point of view. Since the depression process is the recovery process, any halting or slowing down...
- New Deal
Vídeo didatico sobre como a política macroeconômica intervencionista dos presdientes Hoover e Roosevelt prolongavam a Grande Depressão. This mini-documentary from the Center for Freedom and Prosperity Foundation explains how the statist policies...
- Novo Libro Sobre A Grande Depressão
The Politically Incorrect Guide to the Great Depression and the New Deal. By Robert P. Murphy. Regnery, 2009. 199 pages. Robert Murphy demonstrates in this excellent book a penetrating ability to explain the essence of fallacious economic doctrines....
Economia
Entenda a Grande Depressão
The Hoover-Roosevelt Depression Revisited
This year is the fiftieth anniversary of Murray Rothbard’s America’s Great Depression. In that work, Rothbard masterfully achieves three objectives.1. He provides a restatement and extension of the Austrian theory of the business cycle (ABCT) while expertly defending the theory against critics;
2. He applies the theory to the inflationary boom of the 1920s and subsequent bust of 1929-30; and
3. He applies microeconomics, with special attention to what economists Richard Vedder and Lowell Gallaway[1] have called the “von Misesian-classical position on labor markets,” to show how government interventions turned what would have otherwise been a bust followed by a brief “garden variety recession,” into a prolonged depression.
Rothbard’s analysis ends with 1933, as the destructive interventions passed from the Hoover New (raw) Deal to the better-known Roosevelt New Deal. A complete Austrian analysis of the Great Depression would include an analysis of all the policy errors and regime uncertainties created by both administrations. This truly was, properly understood, “The Hoover-Roosevelt Depression.”
And, as argued by Robert Higgs (“Regime Uncertainty: Why the Great Depression Lasted So Long and Why Prosperity Resumed after the War”) and Vedder and Gallaway (“The Great Depression of 1946”), this Depression ended not with the beginning of World War II[2], but in the post-war recovery which occurred to the surprise of the Keynesian economists who were predicting a return to depression-like conditions. This return to prosperity occurred despite large declines in government spending and a large influx of surviving military personnel into the labor markets (see Arnold Kling’s “The Austerity of 1946” and Robert Higgs’s “The Myth of Pent-up Demand and the Successful Reconversion after World War II”).
Mais
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- Lições Da Grande Depressão
Causas da Grande Depressão Hoover and Roosevelt − The 1920s was a period of healthy economic growth until President Herbert Hoover instituted anti-market, anti-globalization, anti-immigration, and pro-cartelization policies, Edward Prescott...
- Os Três Grandes Mitos Sobre A Grande Depressão
Historian Stephen Davies names three persistent myths about the Great Depression. Myth #1: Herbert Hoover was a laissez-faire president, and it was his lack of action that lead to an economic collapse. Davies argues that in fact, Hoover was a very interventionist...
- Como Sair Da Depressão
“It should be clear that any governmental interference with the depression process can only prolong it, thus making things worse from almost everyone’s point of view. Since the depression process is the recovery process, any halting or slowing down...
- New Deal
Vídeo didatico sobre como a política macroeconômica intervencionista dos presdientes Hoover e Roosevelt prolongavam a Grande Depressão. This mini-documentary from the Center for Freedom and Prosperity Foundation explains how the statist policies...
- Novo Libro Sobre A Grande Depressão
The Politically Incorrect Guide to the Great Depression and the New Deal. By Robert P. Murphy. Regnery, 2009. 199 pages. Robert Murphy demonstrates in this excellent book a penetrating ability to explain the essence of fallacious economic doctrines....