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Lastly,
there are various other theories
that downplay or reject the explanations of the Keynesian and monetarists.
For example,
some new classical macroeconomists have argued
that various labor market policies imposed at the start
caused the length and severity of the Great Depression.
The Austrian school of economics
focuses on the macroeconomic effects of money supply,
and how central banking decisions can lead to overinvestment.
The Marxist critique of political economy
emphasizes the tendency of capitalism
to create unbalanced accumulations of wealth,
leading to overaccumulation of capital
and a repeating cycle of devaluations
through economic crises.
Marx saw recession and depression as unavoidable
under free-market capitalism
and there are no restrictions on accumulations of capital
other than the market itself.