Quotation 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.

Milton Friedman

Government

Understanding this quote AI Analysis

Milton Friedman argues that the severe economic downturn during the Great Depression happened because the government made poor decisions, not because the private economy is naturally unstable. He believes that government actions, rather than the private sector itself, caused the high unemployment and economic problems.

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