Crash of 1929/Tutorials: Difference between revisions
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===Galbraith=== | ===Galbraith=== | ||
John Kenneth Galbraith attributed the crash to what he termed the "speculative orgy of 1928 and 1929" <ref name=Galbraith> John Kenneth Galbraith: ''The Great Crash 1929'', Chapter 10, "Causes and Consequences", Penguin Books, 1992</ref>. Confidence in the illusionary prospect of perpetually increasing prices had been bound to weaken at some stage, and when that happened and some people began to sell, the illusion was destroyed, provoking a rush to unload. | |||
===Friedman=== | ===Friedman=== | ||
Revision as of 04:12, 11 January 2009
Economists on the crash
Galbraith
John Kenneth Galbraith attributed the crash to what he termed the "speculative orgy of 1928 and 1929" [1]. Confidence in the illusionary prospect of perpetually increasing prices had been bound to weaken at some stage, and when that happened and some people began to sell, the illusion was destroyed, provoking a rush to unload.
Friedman
Bernanke
References
- ↑ John Kenneth Galbraith: The Great Crash 1929, Chapter 10, "Causes and Consequences", Penguin Books, 1992
- ↑ Ben Bernanke: Asset-Price "Bubbles" and Monetary Policy, speech at the New York Chapter of the National Association for Business Economics, October 15, 2002[1]
- ↑ Ellen McGrattan: The Stock Market Crash of 1929: Irving Fisher Was Right!, Federal Reserve Bank of Minneapolis, Research Department Staff Report 294, December 2001[[2]]