The first lesson of economics is scarcity: there is never enough of anything to fully satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.

Thomas Sowell, Ph.D.

Anatomy Of A Crisis

Free To Choose Part 3

The Great Depression has been popularly viewed as a failure of capitalism. The stock market crash, the failure of the Bank of the United States, loss of personal savings, were visible symbols supporting this belief. As Milton Friedman explains, the real cause was the unseen failure of government policy and action. Yet this crisis resulting from government failure leads to decades of government expansion.

Author: Milton Friedman
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