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- DescriptionEcomic historians have made great progress in unraveling the causes of the Great Depression, but t until Scott Sumner came along has anyone explained the multitude of twists and turns the ecomy 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 n-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 macroecomic thought has long been captive to a false narrative that continues to misguide policymakers in their quixotic quest to promote robust and sustainable ecomic growth. The Midas Paradox is a landmark treatise that solves mysteries that have long perplexed ecomic historians, and corrects misconceptions about the true causes, consequences, and cures of macroecomic 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.
- Author BiographyScott B. Sumner is Professor of Economics at Bentley University, USA. He received his Ph.D. in economics from the University of Chicago and he edits the influential blog The Money Illusion. In 2012, the Chronicle of Higher Education referred to Sumner as among the most influential economist bloggers, along with N. Gregory Mankiw of Harvard University and Paul Krugman of Princeton University. In 2012, Foreign Policy ranked Sumner jointly with Federal Reserve Chairman Ben Bernanke 15th on its list of 100 Top Global Thinkers. Professor Sumner is a contributor to numerous scholarly volumes, and his articles and reviews have appeared in such journals as the Journal of Political Economy; Business and Society Review; Journal of Policy Modeling; and Economic Inquiry.
- Author(s)Scott B. Sumner
- PublisherIndependent Institute,U.S.
- Date of Publication30/10/2015
- SubjectEconomics: Professional & General
- Place of PublicationOakland
- Country of PublicationUnited States
- ImprintIndependent Institute,U.S.
- Content Noteillustrations
- Weight930 g
- Width152 mm
- Height229 mm
- Spine43 mm
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