Here’s the summary of The Midas Paradox: Financial Markets, Government Policy Shocks, and the Great Depression from Amazon:
Economic historians have made great progress in unraveling the causes of the Great Depression, but not until Scott Sumner came along has anyone explained the multitude of twists and turns the economy took. In The Midas Paradox: Financial Markets, Government Policy Shocks, and the Great Depression, Sumner offers his magnum opus—the first book to comprehensively explain both monetary and non-monetary causes of that cataclysm.
Drawing on financial market data and contemporaneous news stories, Sumner shows that the Great Depression is ultimately a story of incredibly bad policymaking—by central bankers, legislators, and two presidents—especially mistakes related to monetary policy and wage rates. He also shows that macroeconomic thought has long been captive to a false narrative that continues to misguide policymakers in their quixotic quest to promote robust and sustainable economic growth.
The Midas Paradox is a landmark treatise that solves mysteries that have long perplexed economic historians, and corrects misconceptions about the true causes, consequences, and cures of macroeconomic instability. Like Milton Friedman and Anna J. Schwartz’s A Monetary History of the United States, 1867–1960, it is one of those rare books destined to shape all future research on the subject.
I really want an electronic edition so I can read wherever I happened to be. But an electronic version won’t be available at release. I am willing to go out on a limb, however, and predict that a first printing hard cover will become a collector’s item sometime down the road (I wish I had one of Friedman and Schwartz’s Monetary History), and as such I will get one of those too.
In other not so exciting news, I haven’t been blogging much lately because I am immersed in another PowerShell project to rewrite Lockout Reporter, our logon failure recording tool that is helpful in many ways besides resolving the many possible sources of account lockouts for users. We have outgrown the current tool that uses WMI’s _InstanceCreationEvent class with WMI just not being able to keep up with all the traffic and subsequently filling up the WMI memory space with logon failure events, crowding out our monitoring tools.
Among some complicating factors is that next year we will be upgrading our server OS to a version for which the current tool is obsolete. So I am trying the Dr. Frankenstein approach to avoid having to rewrite the frontend of the tool, trying to maintain the same look and feel. I found a substitute event watcher for forwarded events, to get all of the failure event processing off the primary domain controller emulator, and need to find a way to plug the event data into the existing SQL database with the same labels whilst using different classes to access the information; and in Microsoft’s infinite wisdom, not just one class can access all the data I need, which is loads of fun… I mean frustration.