Patrick Newman discusses the depression of the 1870s, which is often cited as evidence of the economic instability of laissez-faire capitalism. It was nothing of the sort, says Newman, who uses Austrian business cycle theory to understand what really happened.
About the Guest
Patrick Newman is a PhD student in the Department of Economics at George Mason University.
Book Mentioned
A History of Money and Banking in the United States: The Colonial Era to World War II, by Murray N. Rothbard
Article Discussed
“The Depression of 1873-79: An Austrian Perspective” (PDF)
Resource Mentioned
Related Episodes
Ep. 345 Economic Cycles Before the Fed
Ep. 118 Boom and Bust: The Cause (David Howden)
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