By Scott B Sumner
Economic historians have made nice growth in unraveling the factors of the good melancholy, yet now not until eventually Scott Sumner got here alongside has somebody defined the multitude of twists and turns the economic system took. In The Midas Paradox: monetary Markets, executive coverage Shocks, and the nice Depression, Sumner bargains his magnum opus—the first e-book to comprehensively clarify either financial and non-monetary reasons of that cataclysm.
Drawing on monetary industry information and contemporaneous information tales, Sumner indicates that the nice melancholy is finally a narrative of enormously undesirable policymaking—by critical bankers, legislators, and presidents—especially errors relating to financial coverage and salary charges. He additionally exhibits that macroeconomic proposal has lengthy been captive to a fake narrative that maintains to misguide policymakers of their quixotic quest to advertise powerful and sustainable financial growth.
The Midas Paradox is a landmark treatise that solves mysteries that experience lengthy at a loss for words monetary historians, and corrects misconceptions concerning the actual reasons, results, and treatments of macroeconomic instability. Like Milton Friedman and Anna J. Schwartz’s A financial historical past of the USA, 1867–1960, it's a kind of infrequent books destined to form all destiny study at the subject.