The Roaring Twenties and the Austrian Business Cycle Theory
The Roaring Twenties and the Austrian Business Cycle Theory
(Chapter 3 from The Clash of Economic Ideas)
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The stock market crash in October of 1929 followed a downturn in manufacturing output that had begun a few months earlier. Economies in other industrial countries similarly slumped. Economists around the world sought to figure out what had happened. Could the downturn have been avoided, or was there something about the boom years that destined them to come to an end?
