“[I]n the great booms and depressions, each of the [most popular explanations] has played a subordinate role as compared with two dominant factors, namely over-indebtedness to start with and deflation following soon after…. In short, the big bad actors are debt disturbances and price-level disturbances.” Irving Fisher, “The Debt-Deflation Theory of Great Depressions”, Econometrica (October 1933), 341. […]