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The Debt-Deflation
Theory of Great Depressions |
PRODUCT
DETAILS: Author: Irving
Fisher Language: English Publisher: Martino Fine Books Publication
Date: 29 Mar
2011 Dimensions: 22.9 x
15.2 x 0.3 cm Format: Paperback Pages: 46 Condition: NEW Product_ID: 1614B7A104
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2011 Reprint of the 1933 edition. 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. According to the debt deflation theory, a
sequence of effects of the debt bubble bursting occurs:
1. Debt liquidation and distress selling.2. Contraction
of the money supply as bank loans are paid off.3. 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 damage to Fisher's
reputation from his overly optimistic attitude prior to
the crash, but has experienced a revival of mainstream
interest since the 1980s, particularly since the
Late-2000s recession, and is now a main theory with
which he is popularly associated. |
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