What was the unemployment rate during the Great Depression?
Great Depression
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Two prominent theorists in the Austrian School on the Great Depression include Austrian economist Friedrich Hayek and American economist Murray Rothbard, who wrote America's Great Depression (1963). In their view, much like the monetarists, the Federal Reserve (of which was created in 1913) shoulders much of the blame; however unlike the Monetarists, they argue that the key cause of the Depression was the expansion of the money supply in the 1920s, of which led to an unsustainable credit-driven boom.[48]