He showed that the stock market correction was merely one symptom of the investment boom that led inevitably to a bust. He proceeds to examine the Fed's policies of the 1920s, demonstrating that it was quite inflationary even if the effects did not show up in the price of goods and services. Rothbard opens with a theoretical treatment of business cycle theory, showing how an expansive monetary policy generates imbalances between investment and consumption. The book remains canonical today because the debate is still very alive. Since it first appeared in 1963, it has been the definitive treatment of the causes of the depression. The Mises Institute edition features a new introduction by historian Paul Johnson.
Rothbard's America's Great Depression is a staple of modern economic literature and crucial for understanding a pivotal event in American and world history. Applied Austrian economics doesn't get better than this.
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