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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 .
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 ...
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 ...
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.
[1] p. 493 Within mainstream economics, the rise of monetarism started with Milton Friedman's 1956 restatement of the quantity theory of money. Friedman argued that the demand for money could be described as depending on a small number of economic variables. [12]
The post also caught the eye of Tesla CEO Elon Musk, who reposted it, along with a “100%” emoji to signal his full agreement with Friedman’s message. Hedging against inflation
Schwartz collaborated with Nobel laureate Milton Friedman on A Monetary History of the United States, 1867–1960, which was published in 1963. [2] [3] [4] This book placed the blame for the Great Depression at the door of the Federal Reserve System. [5] Robert J. Shiller describes the book as the "most influential account" of the Great ...
Madeline Furnas could see the heavy rain unleashed by Hurricane Milton from her hospital window, ... “Thursday morning, around 6 a.m., I woke up and I started having contractions, and my due ...