"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's quote recommends that the Great Depression was brought on by federal government mismanagement instead of any inherent instability of the private economy. He suggests that the federal government was accountable for the economic downturn, rather than any other factors. This remains in contrast to the popular belief that the Great Depression was triggered by the stock exchange crash of 1929. Friedman's quote recommends that the federal government's mismanagement of the economy was the primary reason for the Great Depression, and that the stock exchange crash was merely a sign of the underlying problem. This implies that the government must take duty for its actions and take actions to avoid similar economic slumps in the future. Friedman's quote also suggests that the private economy is naturally stable, which it is just when the federal government interferes that instability is produced.