Grand Pursuit by Sylvia Naser

Subtitle—The Story of Economic Genius
I’m about ¾ finished.  Too much biographic detail of various economic giants. This gives context economic problems arose in, but too much biography obstructing the view of the theory for my taste.

Points that I find myself mulling over.

  • Pre-WWI Panics. Slowly, dawning recognition of relationship between falling prices and amount of currency in circulation
  • Post-WWI Hyperinflation. Printing of money without link to gross product.  Theoretical struggle between capitalism and democracy
  • Great Depression—theoretical struggle between capitalism and communism.  Balanced budgets versus deficit financed public works
  • Contrary to what some casual observers of the economic scene believe, central banks did not originate the economic boom-or-bust cycle.
Painting of Black Friday, 9 May 1873, Vienna Stock Exchange. The Panic of 1873 and Long Depression followed.

By unknown; uploaded by User:el_bes – Die Presse Edition: Das Imperiale Zeitalter 1871-1914, Public domain, Wikicommons.


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