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"At the time of the Great Depression the Secretary of the Treasury Andrew Mellon was quoted as saying "liquidate labor, liquidate stocks liquidate the farmorc liguide

"At the time of the Great Depression the Secretary of the Treasury Andrew Mellon was quoted as saying "liquidate labor, liquidate stocks liquidate the farmorc liguide

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter7: Production, Costs, And Industry Structure
Section: Chapter Questions
Problem 4SCQ: Based on your answers to the WipeOut Ski Company in Exercise 7.3, now imagine a situation where the...
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"At the time of the Great Depression the Secretary of the Treasury Andrew Mellon was quoted as saying ""liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate."" Why would he have said this?" O "He thought this was the way to increase profits, and was only concerted with business profits and not people." O "He was crazy, and in fact, admitted to an insane asylum shortly after making this statement." " He believed that in the 1920s there was excessive attention to material wealth, and that ""we should live simply, so that others may simply live."" "He thought the economy had to squeeze out excesses which had accumulated in the 1920s, and that this would benefit the economy in the long run." He thought if we had fewer workers and fewer farmers the economy would improve.
Transcribed Image Text:"At the time of the Great Depression the Secretary of the Treasury Andrew Mellon was quoted as saying ""liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate."" Why would he have said this?" O "He thought this was the way to increase profits, and was only concerted with business profits and not people." O "He was crazy, and in fact, admitted to an insane asylum shortly after making this statement." " He believed that in the 1920s there was excessive attention to material wealth, and that ""we should live simply, so that others may simply live."" "He thought the economy had to squeeze out excesses which had accumulated in the 1920s, and that this would benefit the economy in the long run." He thought if we had fewer workers and fewer farmers the economy would improve.
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