Simons

1948 · réf. 009437 — Chicago: University of Chicago Press 1948. Book. Near Fine. Cloth. First Edition. 8vo - over 7¾" - 9¾" tall. SCARCE in dust jacket and collectible condition. Near Fine slight toning at end papers in a Very Good dust jacket spine faded yet still legible small chips at spine ends and flap fold corners. Henry C SSimons spent almost his entire career at the University of Chicago. A student of Frank H. Knight he was a foundational figure in the development of the Chicago School of economics. He is best known for A Positive Program for Laissez Faire 1934. "In Economic Policy for a Free Society Simons claimed that all it takes to precipitate a massive liquidation of securities is "a relatively small decline of security values" Simons 1948. Simons is emphatic in pointing out that corporations that traded on a "shoestring of equity and under a mass of current liabilities" are "placing their working capital precariously on call" and hence at risk in the event of the slightest financial disturbance Simons 1948. This is precisely the chain of events predicted by Simons in the event of a large-scale liquidation of inflated securities such as mortgage loans in 2008 'sub-prime crash.'."New World Encyclopedia. University of Chicago Press Hardcover