Index Numbers Elucidated

This influential study of the relationship between the prices of gold and other commodities was originally published in 1935. In it the authors attributed the initial cause of the great depression in the US to the reestablishment of the gold standard in many European countries and resulting deflation. The authors' recommendations were successfully implemented by Franklin D. Roosevelt.

Once viewed as a distinct era characterized by intense bigotry, nostalgia for simpler times and a revulsion against active government, the 1920s have been rediscovered by historians in recent decades as a time when Herbert Hoover and his allies worked to significantly reform economic policy. Mark Hendrickson both augments and amends this view by studying the origins and development of New Era policy expertise and knowledge. Policy-oriented social scientists in government, trade union, academic and nonprofit agencies showed how methods for achieving stable economic growth through increased productivity could both defang the dreaded business cycle and defuse the pattern of hostile class relations that Gilded Age depressions had helped to set as an American system of industrial relations.