Economists and historians have viewed the events of the 1920s, the stock market boom and crash, the Great Depression and the New Deal, as largely independent events. This work provides an integrated view of this important period arguing that all of these events were the result of the electrification of U.S. industry from 1910 to 1926. The author goes from electrification through the stock market boom to the tariffs of the late 20s to the stock market crash and depression followed by the National Industrial Recovery Act in 1933. The conclusion is that the NIRA is an attempt to correct the...
Economists and historians have viewed the events of the 1920s, the stock market boom and crash, the Great Depression and the New Deal, as largely i...
In the aftermath of the stock market crash, Irving Fisher pointed to the electrification of the U.S. industry as one of the underlying causes of the stock market boom. Earlier, in 1927, Brookings Institution economists had lamented the scant attention energy had received from economists. Today, some 60 years later, power remains the forgotten factor input. In this book, the author incorporates energy into the corpus of economic analysis. Unlike previous attempts, which were mostly theoretical, this work generates testable predictions. The result is a model of production based on the two...
In the aftermath of the stock market crash, Irving Fisher pointed to the electrification of the U.S. industry as one of the underlying causes of th...
Economists and historians view the events of the 1920s, the stock market boom and crash, the Great Depression and the New Deal, as being largely independent. This work presents an integrated, empirically-consistent view of this important period arguing that all of these events can be traced back to a paradigm technology shock, namely the electrification of U.S. industry from 1910 to 1926. The author goes from electrification through the stock market boom to the tariffs of the late 20s to the stock market crash and depression followed by the National Industrial Recovery Act in 1933.
Economists and historians view the events of the 1920s, the stock market boom and crash, the Great Depression and the New Deal, as being largely indep...
First studied by Swiss economist Jean-Charles Leonard Sismonde de Sismondi in 1819, "Making Markets and Making Money: Strategy and Monetary Exchange" examines the strategic aspects of monetary exchange--specifically, of making markets.
Economist Bernard C. Beaudreau, author of "Mass Production, the Stock Market Crash," and "The Great Depression: The Macroeconomics of Electrification," examines the strategic aspects of making markets using basic game theory. Drawing from the archaeological and historical records, Beaudreau documents the prevalence of coordination failures in trade in...
First studied by Swiss economist Jean-Charles Leonard Sismonde de Sismondi in 1819, "Making Markets and Making Money: Strategy and Monetary Exchange" ...
In this timely work, Bernard C. Beaudreau provides a new approach to world trade, one that combines the archaeological and historical record with recent developments in the theory of networks, the result of which is a convincing account of trading patterns, past, present, and undoubtedly, into the future.
For the first time, trade theory is no longer at odds with the historical record. Likewise, for the first time, trade policy is no longer at odds with the historical record. In short, this book is the first work of its kind to attempt to integrate over 8,000 years of large-scale...
In this timely work, Bernard C. Beaudreau provides a new approach to world trade, one that combines the archaeological and historical record with rece...
The concept of energy rents was first introduced in 1998 (Energy and Organization, Growth and Distribution Reexamined), when it was used to analyze income distribution in U.S. manufacturing in the post-WWII period. It was argued that rents resulting from the growing use of electric power in manufacturing were shared by the owners of labor and capital in the form of higher wages and profits. In this work, the energy rents approach to income distribution is examined in greater detail-historically, theoretically, and empirically. The result is a compelling theory of income distribution, one that...
The concept of energy rents was first introduced in 1998 (Energy and Organization, Growth and Distribution Reexamined), when it was used to analyze in...
Three-quarters of a century after its enactment, the Smoot-Hawley Tariff Act remains an enigma. Either U.S. policymakers were grossly mistaken or we have missed something. Could there have been a method to their apparent madness? Could the upward tariff revision have made sense, however little? This book, based on the author's earlier work on Mass Production and the Great Depression, offers an alternative interpretation of the Smoot-Hawley Tariff Act of 1930, namely as a response on the part of U.S. policymakers to the problem of underincome, itself the result of the massive technology shock...
Three-quarters of a century after its enactment, the Smoot-Hawley Tariff Act remains an enigma. Either U.S. policymakers were grossly mistaken or we h...
In this book, recent advances in the field of game theory, specifically in the area of coordination games (theory and policy) are used to reexamine one of the most far-reaching, yet overlooked pieces of legislation in U.S. economic history, namely the National Industrial Recovery Act of 1933. While dismissed by most as misconceived, misguided, and mistaken, not to mention unconstitutional and anti-American, recent findings in the field of macroeconomic coordination open the door to a new interpretation, one that is more in keeping with the original objectives of the Roosevelt administration.
In this book, recent advances in the field of game theory, specifically in the area of coordination games (theory and policy) are used to reexamine on...
This book presents an alternative view of the Stock Market Boom and Crash of 1929 as having resulted from government intervention, specifically from a case of flawed government policy in the form of the Republican party's 1928 election promise of an upward tariff revision―the Smoot-Hawley Tariff Bill. As such, the stock market in particular and the market mechanism in general were not to blame, government was. Where the market was to blame, however, was in its reaction to the massive technology shock that was electric power-based extremely-high-throughput, continuous-flow mass...
This book presents an alternative view of the Stock Market Boom and Crash of 1929 as having resulted from government intervention, specifically from a...
