This eBook was written by German economist Fritz Machlup. Machlup was an early Misesian who originally wrote this book as an early study in the workings of the business cycle. His main focus on this book is the investigation and explanation of the relationship between expanding credit, monetary policy, and rising stock prices. The original German edition was written in 1929 and published in 1930, and was considered a landmark publication. The English edition came out in 1940 containing some revisions which are flagged in the book index.
To date this book is considered by many the most thorough analysis of stock-market bubbles from the point of view of the Austrian School. It demonstrates that the business cycle can and does affect stock markets and in unusual ways.
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