BEGINNER

Depression

FEBRUARY 24, 2013

Broadly, a downturn in the economy where real (inflation adjusted) income shrinks. Depressions are commonly observed at the national level. Some major causes of depressions include misallocation of capital, increased uncertainty, and supply shocks.

Ben Powell - The Great Boom and Bust

 

Paul Cwik - Austrian Theory of the Business Cycle

Related Freeman Articles

OUR ECONOMIC PAST

Are We Looking at the Wrong Depression?

FEBRUARY 22, 2012 by STEPHEN DAVIES

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Cause, Effect, and the Current Depression

Sorting it out.

AUGUST 11, 2010 by WILLIAM L. ANDERSON

All too often people confuse cause and effect.

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The Great Depression According to Milton Friedman

The Great Depression Could Have Been Avoided if the Fed Had Not So Badly Botched Its Monetary Policy

SEPTEMBER 01, 2007 by IVAN PONGRACIC JR.

OUR ECONOMIC PAST

The Great Contraction, 1929–33

New Ideas about Government Intervention in Recessions Worsened the Great Depression

APRIL 01, 2007 by ROBERT HIGGS

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It's been 40 years since F. A. Hayek received his Nobel Prize. His insights, particularly on the distribution of knowledge and the impossibility of economic planning, remain hugely important today. In this issue, we look back on the influence of his work. Max Borders and Craig Biddle debate whether liberty must be defended from one absolute foundation, further reflections on Scottish secession, and how technology is already changing our world for the better--including how robots, despite the unease they cause, will only accelerate this process.
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