The Debt-Deflation Theory of Great Depressions Fisher Irving
The Debt-Deflation Theory of Great Depressions Fisher Irving 2011 Reprint of the 1933 edition. According to the debt deflation theory, a sequence of effects of the debt bubble bursting occurs: 1.…
Specifikacia The Debt-Deflation Theory of Great Depressions Fisher Irving
The Debt-Deflation Theory of Great Depressions Fisher Irving
2011 Reprint of the 1933 edition. According to the debt deflation theory, a sequence of effects of the debt bubble bursting occurs: 1. Following the stock market crash of 1929 and the ensuing Great Depression, Fisher developed a theory of economic crises called "debt-deflation", which rejected general equilibrium theory and attributed crises to the bursting of a credit bubble.
Contraction of the money supply as bank loans are paid off. 3. Debt liquidation and distress selling. 2. A fall in the level of asset prices. 4.
A still greater fall in the net worth of businesses, precipitating bankruptcies. 5. A fall in profits. 6. A reduction in output, in trade and in employment. 7.
Pessimism and loss of confidence. 8. Hoarding of money. 9. A fall in nominal interest rates and a rise in deflation adjusted interest rates.
This theory was ignored in favor of Keynesian economics, partly due to
The Money Illusion Fisher Irving
Debt of Loyalty
Debt of War
Debt of Bones
Debt of Honor
House of Debt