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After the Crash: Designing a Depression-free Economy


This book analyzes in a new way the causes of the current crash by showing how such events derive from real estate bubbles and their interactions with banks and other lenders. It explains the current crisis, but in the process, the author develops a general theory of capital (drawing on Wicksell) showing how excessive investing in durable capital of slow payback can destabilize and then freeze up a modern economy, which requires constant circulation and renewal of capital to function. Combining that analysis with observed cycles of land speculation, Gaffney shows how a "perfect storm" formed and now has overwhelmed the economy.

Frontispiece Portrait of Mason Gaffney.

Editor's Introduction (Clifford W. Cobb).

1. The Role of Land Markets in Economic Crises (Mason Gaffney).

2. A New Framework for Macroeconomics: Achieving Full Employment by Increasing Capital Turnover (Mason Gaffney).

3. Money, Credit, and Crisis (Mason Gaffney ).