Early LSE market advocates blamed government-stimulated business cycles for the depression.

Evidence

Although the market advocates at the LSE and the University of Chicago shared a skepticism about the accelerating government interventions of the time, their opinions were rarely united and often opposed. In London, Lionel Robbins and Friedrich Hayek initially espoused an extraordinarily constrained vision of the government’s ability to redress the economic crisis. Blaming the downturn primarily on a business cycle that had become overstimulated by government interference, they argued that further interventions would only repeat the same disastrous pattern. — Angus Burgin, The Great Persuasion, 45

Categorization

• XREF: connects to: Robbins blamed state interventions rather than market failure for the Depression — Angus Burgin, The Great Persuasion: Reinventing Free…, 73; British monetary austerity after 1920 produced an unhealthy quasi-equilibrium for a full decade — Clara E. Mattei, The Capital Order: How Economists…, 1731; Monetarism blamed the Depression on Fed policy, not underconsumption — Mark Blyth, Austerity: The History of a Dangerous…, 408 (+1 more)

Broader Connections

• Robbins blamed state interventions rather than market failure for the Depression #corroborates (1.00) — Angus Burgin, The Great Persuasion, 73
• Robbins blamed the 1930s depression on social insurance and managed money. #expands (0.85) — Philip Mirowski & Dieter Plehwe (eds.), The Road from Mont Pèlerin, 398
• Monetarism blamed the Depression on Fed policy, not underconsumption #expands (0.75) — Mark Blyth, Austerity, 408
• British monetary austerity after 1920 produced an unhealthy quasi-equilibrium for a full decade #qualifies (0.70) — Clara E. Mattei, The Capital Order, 1731