It was blamed on business cycles by the Austrian school.
Murray Rothbard wrote a 1963 essay titled for this event in America. Irving Fisher identified nine factors which led to this event, factors which he called debt deflation. Milton Friedman and Anna Schwarz attributed this event to a 33% decrease in M2. This event was accompanied by a decrease in velocity, resulting in a massive shift left of the aggregate demand curve. It was blamed on business cycles by the Austrian school. Keynes advocated huge amounts of government spending to counter it. This event coincided with negative real shocks caused by the Smoot-Hawley tariff and the Dust Bowl. For 10 points, name this macroeconomic meltdown of the 1930s.
Murray Rothbard wrote a 1963 essay titled for this event in America.
the Great Depression