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The Midas Paradox ― Financial Markets, Government Policy Shocks, and the Great Depression
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In The Midas Paradox Scott Sumner provides a fresh, new narrative in regards to the Great Depression and its economic backstory. He points to various ways in which the modern day understanding of the Great Depression is flawed and how the causality of it has been largely misunderstood. The understanding held by many about the financial crisis of 2008 is mistaken as well due to the attributed similarities between this instance and the happenings of the early-mid 19th century. The book includes a broader discussion about how the understanding of economic factors and imperative to understanding these significant historical events and thus understanding of economic dynamics moving forward.
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Scott B. Sumner is Professor of Economics at Bentley University. In 2012, the Chronicle of Higher Education referred to Sumner as “among the most influential” economist bloggers, along with N. Gregory Mankiw of Harvard University and Paul Krugman of Princeton University. In 2012, Foreign Policy ranked Sumner jointly with Federal Reserve Chairman Ben Bernanke 15th on its list of "100 Top Global Thinkers." Professor Sumner is a contributor to numerous scholarly volumes, and his articles and reviews have appeared in such journals as the Journal of Political Economy; Business and Society Review;Journal of Policy Modeling; and Economic Inquiry.
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