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The Great Contraction, as characterized by economist Milton Friedman, was the recessionary period from 1929 until 1933, i.e., the early years of the Great Depression. [1] The phrase was the title of a chapter in the 1963 book A Monetary History of the United States by Friedman and his fellow monetarist Anna Schwartz.
A Monetary History of the United States, 1867–1960 is a book written in 1963 by future Nobel Prize-winning economist Milton Friedman and Anna Schwartz.It uses historical time series and economic analysis to argue the then-novel proposition that changes in the money supply profoundly influenced the United States economy, especially the behavior of economic fluctuations.
Friedman wrote extensively on the Great Depression, and he termed the 1929–1933 period the Great Contraction. He argued that the Depression had been caused by an ordinary financial shock and the duration and seriousness of which were greatly increased by the subsequent contraction of the money supply caused by the misguided policies of the ...
In particular, the authors argued that the Great Depression of the 1930s was caused by a massive contraction of the money supply (they deemed it "the Great Contraction" [9]), and not by the lack of investment that Keynes had argued. They also maintained that post-war inflation was caused by an over-expansion of the money supply.
A new Friedman biography ably explores the economist's ideas but sidesteps the libertarian movement he was central to.
A new Friedman biography ably explores the economist's ideas but sidesteps the libertarian movement he was central to. Skip to main content. Sign in. Mail. 24/7 Help. For premium support please ...
Friedman and Schwartz write: "From the cyclical peak in August 1929 to a cyclical trough in March 1933, the stock of money fell by over a third." The result was what Friedman and Schwartz called "The Great Contraction" [10] — a period of falling income, prices, and employment caused by the choking effects of a restricted money supply ...
Milton Friedman's dim view of all tariffs is a key tenet of free trade economics. But Donald Trump wants to impose them on all imports. In 1962, economist Milton Friedman wrote 'Our tariffs hurt ...