Authority Quote by Milton Friedman

The Great Depression in the United States was caused - I won't say caused, was enormously intensified and made far worse than it would…

— Milton Friedman

I think there is universal agreement within the economics profession that the decline - the sharp decline in the quantity of money played a…

— Milton Friedman

The Depression, which started in 1929 was rather mild from 1929 to 1930. And, indeed, in my opinion would have been over in 1931…

— Milton Friedman

Importantly, in the 1930s, in the Great Depression, the Federal Reserve, despite its mandate, was quite passive and, as a result, financial crisis became…

— Ben Bernanke

The Federal Reserve the privately owned U.S. central bank definitely caused The Great Depression by contracting the amount of currency in circulation by one…

— Milton Friedman

The Fed was largely responsible for converting what might have been a garden-variety recession, although perhaps a fairly severe one, into a major catastrophe.…

— 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…

— Milton Friedman

The Great Depression in the United States, far from being a sign of the inherent instability of the private enterprise system, is a testament…

— Milton Friedman

“an absurdly parsimonious monetary policy helped bring about the Great Depression.”

— Charles River Editors

In the large sense the primary cause of the Great Depression was the war of 1914-1918. Without the war there would have been no…

— Herbert Hoover

The stock market crashed in October 1929. But that was not the cause of what caused the Great Depression. It was, in my opinion,…

— Milton Friedman

A depression is a large-scale decline in production and trade...there is nothing in the nature of a free-market economy to cause such an event.

— Nathaniel Branden