Quote by Milton Friedman
The Great Depression, like most other periods of severe unemployment, was produced by government mismanagement rather than by any inherent instability of the private economy.
Summary
This quote suggests that the Great Depression and other periods of severe unemployment were largely caused by government mismanagement rather than any inherent flaws in the private economy. It implies that excessive regulations, interventions, or policy mistakes by the government hindered the natural functioning of the private sector, leading to economic downturns. The quote reflects a belief that the private economy is inherently stable, but external factors such as government policies can disrupt its balance and trigger economic crises.
Topics
Government
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