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Books > History > American history
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The Debt-Deflation Theory of Great Depressions (Paperback)
Loot Price: R219
Discovery Miles 2 190
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The Debt-Deflation Theory of Great Depressions (Paperback)
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Loot Price R219
Discovery Miles 2 190
Expected to ship within 10 - 15 working days
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2011 Reprint of the 1933 edition. Following the stock market crash
of 1929 and the ensuing Great Depression, Fisher developed a theory
of economic crises called "debt-deflation," which rejected general
equilibrium theory and attributed crises to the bursting of a
credit bubble. According to the debt deflation theory, a sequence
of effects of the debt bubble bursting occurs: 1. Debt liquidation
and distress selling. 2. Contraction of the money supply as bank
loans are paid off. 3. A fall in the level of asset prices. 4. A
still greater fall in the net worth of businesses, precipitating
bankruptcies. 5. A fall in profits. 6. A reduction in output, in
trade and in employment. 7. Pessimism and loss of confidence. 8.
Hoarding of money. 9. A fall in nominal interest rates and a rise
in deflation adjusted interest rates. This theory was ignored in
favor of Keynesian economics, partly due to the damage to Fisher's
reputation from his overly optimistic attitude prior to the crash,
but has experienced a revival of mainstream interest since the
1980s, particularly since the Late-2000s recession, and is now a
main theory with which he is popularly associated.
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