The Great Depression, like most other periods of severe unemployment, was produced by government mismanagement rather than by any inherent instabilit… - Milton Friedman

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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.

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About Milton Friedman

Milton Friedman (31 July 1912 – 16 November 2006) was an American economist noted for his support for free markets and a reduction in the size of government. In 1976 he was awarded a Nobel Prize in Economics.

Biography information from Wikiquote

Also Known As

Alternative Names: Milton Galbraith Friedman
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Additional quotes by Milton Friedman

We speak loosely of the “corporation’s income” or of “business” having an income. That is figurative language. The corporation is an intermediary between its owners — the stockholders — and the resources other than the stockholders’ capital, the services of which it purchases. Only people have incomes and they derive them through the market from the resources they own,

The key insight of Adam Smith's Wealth of Nations is misleadingly simple: if an exchange between two parties is voluntary, it will not take place unless both believe they will benefit from it. Most economic fallacies derive from the neglect of this simple insight, from the tendency to assume that there is a fixed pie, that one party can gain only at the expense of another.

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