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As a result of the Great Depression, a
view that become very widespread among economists and
others in the 1940s and 1950s was that:
the government should avoid interfering with the
economic system and thus prevent another
depression.
the business cycle was uncontrollable.
the market was inherently unstable,
and thus needed a large dose of
government guidance.
wage-price controls were an effective
way to deal with inflation.
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