Only those measures are effective which are unanticipated. Rapid increases in M1 will cause inflation. The economy is very unstable. The Long Run AS curve is horizontal at less than full employment but it turns vertical at full employment. AD is very unstable.
Government intervention is necessary, primarily fiscal policy.
Supply Side Economics Tax cuts and deregulation should be used to increase investment and shift the AS curve to the right. Work incentives and savings will bring stability.