Ralph Hawtrey, a leading economist of the interwar period, published his first work in economics, Good and Bad Trade, in 1913. The book presents the key elements of the theoretical model Hawtrey developed and refined over the next quarter century. Though he was remarkably consistent in...

The first monetary theory of the Great Depression is often credited to Milton Friedman. Advanced to counter the idea that the Great Depression resulted from inherent capitalistic instabilities, Friedman's theory attributed the Depression to policy mistakes by an inept Federal Reserve Board. More...