The Forgotten Depression is a narrative history of the depression of 1920–21.

Although it is informed by a very definite theory—the Austrian business cycle theory—it is not a standard work in applied economics.

It does not first present the theory in a rigorous formulation and then move on to apply the theory by adducing pertinent qualitative facts and statistical data to explain a complex historical event such as a depression.

It instead proceeds by way of anecdotes and contemporary media accounts, liberally seasoned with telling quotations from politicians, policy makers, economists, business leaders, and other contemporary observers of the unfolding depression.

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