The Concise Encyclopedia of Economics
FEATURED TOPIC

Hoover's Economic Policies

Steven Horwitz

Many historians, most of the general public, and even many economists think of Herbert Hoover, the president who preceded Franklin D. Roosevelt, as a defender of laissez-faire economic policy. According to this view, Hoover's dogmatic commitment to small government led him to stand by and do nothing while the economy collapsed in the wake of the 1929 stock market crash. The reality is quite different. Far from being a bystander, Hoover actively intervened in the economy, advocating and implementing polices that were quite similar to those that Franklin Roosevelt later implemented. Moreover, many of Hoover's interventions, like those of his successor, caused the Great Depression to be "great"--that is, to last a long time....

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ALSO OF INTEREST

Fiscal Policy

David N. Weil

Fiscal Sustainability

Laurence J. Kotlikoff

Forecasting and Econometric Models

Saul H. Hymans

Public Choice

William F. Shughart II

Immigration

George J. Borjas

Health Care

Michael A. Morrisey

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FEATURED BIOGRAPHY

Thomas Robert Malthus

(1766-1834)

Malthus was interested in everything about populations. He accumulated figures on births, deaths, age of marriage and childbearing, and economic factors contributing to longevity. His main contribution was to highlight the relationship between food supply and population. Humans do not overpopulate to the point of starvation, he contended, only because people change their behavior in the face of economic incentives....

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