Best 379 of Milton Friedman quotes - MyQuotes

Follow
Milton Friedman
By Anonym 15 Sep

Milton Friedman

What central banks can control is a base and one way they can control the base is via manipulating a particular interest rate, such as a Federal Funds rate, the overnight rate at which banks lend to one another. But they use that control to control what happens to the quantity of money. There is no disagreement.

By Anonym 19 Sep

Milton Friedman

These people live in many lands, speak different languages, practice different religions, may even hate one another- yet none of these differences prevented them from cooperating to produce a pencil. How did it happen? Adam Smith gave us the answer two hundred years ago.

By Anonym 15 Sep

Milton Friedman

The preservation of liberty, not the promotion of efficiency, is the primary justification for private property. Efficiency is a happy, though not accidental, by-product - and a most important by-product because liberty could not have survived if it had not also produced affluence.

By Anonym 14 Sep

Milton Friedman

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.

By Anonym 13 Sep

Milton Friedman

By encouraging men to spy and report on one another, by making it in the private interest of large numbers of citizens to evade the controls, and by making actions illegal that are in the public interest, the controls undermine individual morality.

By Anonym 14 Sep

Milton Friedman

Significant changes in the growth rate of money supply, even small ones, impact the financial markets first. Then, they impact changes in the real economy, usually in six to nine months, but in a range of three to 18 months. Usually in about two years in the US, they correlate with changes in the rate of inflation or deflation." "The leads are long and variable, though the more inflation a society has experienced, history shows, the shorter the time lead will be between a change in money supply growth and the subsequent change in inflation.

By Anonym 14 Sep

Milton Friedman

Many people want the government to protect the consumer. A much more urgent problem is to protect the consumer from the government.

By Anonym 14 Sep

Milton Friedman

It is most attractive about the US to people and countries with wealth is that it can provide security, insurance really, against political instability. Nobody is afraid that the money they place in the US is at risk of expropriation or of in some other way being taken away. For this safety, the wealth holders of the world are willing to accept a lower rate of return.

By Anonym 13 Sep

Milton Friedman

Drugs are a tragedy for addicts. But criminalizing their use converts that tragedy into a disaster for society, for users and non-users alike. Our experience with the prohibition of drugs is a replay of our experience with the prohibition of alcoholic beverages.

By Anonym 13 Sep

Milton Friedman

It all would have been much better if individuals saved for their own old age.

By Anonym 15 Sep

Milton Friedman

You can only make money if you buy a product, whatever it is - maybe a currency, maybe wheat and maybe something else - at a relatively low price and sell it at a higher price than you buy it at. There's no other way to make money.

By Anonym 13 Sep

Milton Friedman

If we have system in which government is in a position to give large favor - it's human nature to try to get this favor - whether those people are large enterprises, or whether they're small businesses like farmers, or whether they're representatives of any other special group. The only way to prevent that is to force them to engage in competition one with the other.

By Anonym 14 Sep

Milton Friedman

Since the 1930s the technique of buying votes with the voters' own money has been expanded to an extent undreamed of by earlier politicians.

By Anonym 15 Sep

Milton Friedman

The only relevant test of the validity of a hypothesis is comparison of prediction with experience.

By Anonym 13 Sep

Milton Friedman

I am in favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever it's possible. ... because I believe the big problem is not taxes, the big problem is spending.

By Anonym 13 Sep

Milton Friedman

Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output... A steady rate of monetary growth at a moderate level can provide a framework under which a country can have little inflation and much growth. It will not produce perfect stability; it will not produce heaven on earth; but it can make an important contribution to a stable economic society.

By Anonym 13 Sep

Milton Friedman

A society based on the freedom to choose is better than a society based on the principles of socialism, communism and coercion.

By Anonym 15 Sep

Milton Friedman

The most important single central fact about a free market is that no exchange takes place unless both parties benefit.

By Anonym 13 Sep

Milton Friedman

Inflation is taxation without legislation.

By Anonym 14 Sep

Milton Friedman

The Fed was largely responsible for converting what might have been a garden-variety recession, although perhaps a fairly severe one, into a major catastrophe. Instead of using its powers to offset the depression, it presided over a decline in the quantity of money by one-third from 1929 to 1933 ... Far from the depression being a failure of the free-enterprise system, it was a tragic failure of government.

By Anonym 13 Sep

Milton Friedman

China has seen a great deal of economic progress. It's certainly rather of a miracle. The growing role of the market in the economy will force China to open up its political system over time and to move toward a more democratic society. So taken as a whole, the one real failure in this whole business has been Russia.

By Anonym 14 Sep

Milton Friedman

Statistics do not speak for themselves.

By Anonym 14 Sep

Milton Friedman

Nobody spends somebody else's money as carefully as he spends his own.

By Anonym 15 Sep

Milton Friedman

We have a system that increasingly taxes work and subsidizes nonwork.

By Anonym 15 Sep

Milton Friedman

When you argue for free markets, you are arguing against the trend.

By Anonym 14 Sep

Milton Friedman

The Great Depression in the United States was caused - I won't say caused, was enormously intensified and made far worse than it would have been by bad monetary policy.

By Anonym 16 Sep

Milton Friedman

In part because there are so many laws to break; and the more laws there are to break, the harder it is to prevent them from being broken

By Anonym 14 Sep

Milton Friedman

See, if you look at the drug war from a purely economic point of view, the role of the government is to protect the drug cartel. That's literally true.

By Anonym 16 Sep

Milton Friedman

I have been enormously impressed by the role that pure chance plays in determining our life history. I was reminded of some famous lines of Robert Frost: Two roads diverged in a yellow wood, And sorry I could not travel both I took the one less travled by, And that has made all the difference. As I recalled my own experience and development, I was impressed by the series of lucky accidents that determined the road I traveled. > From "Lives of the Laureates" pg.67

By Anonym 15 Sep

Milton Friedman

The power to determine the quantity of money... is too important, too pervasive, to be exercised by a few people, however public-spirited, if there is any feasible alternative. There is no need for such arbitrary power.

By Anonym 15 Sep

Milton Friedman

The stock market and economy are two different things.

By Anonym 15 Sep

Milton Friedman

There is no place for government to prohibit consumers from buying products the effect of which will be to harm themselves.

By Anonym 14 Sep

Milton Friedman

So long as large sums of money are involved - and they are bound to be if drugs are illegal - it is literally impossible to stop the traffic, or even to make a serious reduction in its scope.

By Anonym 13 Sep

Milton Friedman

If you put the federal government in charge of the Sahara Desert, in 5 years there'd be a shortage of sand.

By Anonym 13 Sep

Milton Friedman

Every businessman is in favor of freedom for everybody else, but when it comes to himself that's a different question. He's always the special case. He ought to get special privileges from the government, a tariff, this, that and the other thing.

By Anonym 13 Sep

Milton Friedman

If you really want to engage in policy activity, don't make that your vocation. Make it your avocation. Get a job. Get a secure base of income. Otherwise, you're going to get corrupted and destroyed.

By Anonym 13 Sep

Milton Friedman

I believe that the monetary stability is an absolutely critical element in the satisfactory operation of a system.

By Anonym 13 Sep

Milton Friedman

I am convinced that the minimum-wage law is the most anti-Negro law on our statute books in its effect, not its intent.

By Anonym 13 Sep

Milton Friedman

Inflation is a monetary phenomenon. It is made by or stopped by the central bank.

By Anonym 20 Sep

Milton Friedman

When unions get higher wages for their members by restricting entry into an occupation, those higher wages are at the expense of other workers who find their opportunities reduced. When government pays its employees higher wages, those higher wages are at the expense of the taxpayer. But when workers get higher wages and better working conditions through the free market, when they get raises by firm competing with one another for the best workers, by workers competing with one another for the best jobs, those higher wages are at nobody's expense. They can only come from higher productivity, greater capital investment, more widely diffused skills. The whole pie is bigger - there's more for the worker, but there's also more for the employer, the investor, the consumer, and even the tax collector. That's the way the free market system distributes the fruits of economic progress among all people. That's the secret of the enormous improvements in the conditions of the working person over the past two centuries.

By Anonym 15 Sep

Milton Friedman

[U]nemployment is ... a side effect of the cure for inflation.

By Anonym 13 Sep

Milton Friedman

If a tax cut increases government revenues, you haven't cut taxes enough.

By Anonym 14 Sep

Milton Friedman

The great advances of civilization, whether in architecture or painting, in science or literature, in industry or agriculture, have never come from centralized government.

By Anonym 13 Sep

Milton Friedman

If you continue to use monetary policy to attempt to promote full employment the result would be that you would have higher inflation, and that you would not have lower unemployment.

By Anonym 14 Sep

Milton Friedman

The evidence of history speaks with a single voice. I do not know any exception to the proposition that if you compare like with like, the freer the system, the better off the ordinary poor people have been.

By Anonym 14 Sep

Milton Friedman

Spending by government currently amounts to about 45 percent of national income. By that test, government owns 45 percent of the means of production that produce the national income. The U.S. is now 45 percent socialist.

By Anonym 13 Sep

Milton Friedman

Americans know very little about social statistics, but I am not sure that it's important that Americans know about social statistics.

By Anonym 13 Sep

Milton Friedman

Germany's problem, in part, is that it went into the euro at the wrong exchange rate that overvalued the deutsche mark.

By Anonym 14 Sep

Milton Friedman

That's an interesting paradox to think about. Make it legal and it's no good. Why? Because as long as it's illegal the people who come in do not qualify for welfare, they don't qualify for social security, they don't qualify for the other myriad of benefits that we pour out from our left pocket to our right pocket. So long as they don't qualify they migrate to jobs. They take jobs that most residents of this country are unwilling to take. They provide employers with the kind of workers that they cannot get. They're hard workers, they're good workers, and they are clearly better off.

By Anonym 14 Sep

Milton Friedman

Self-interest is not myopic selfishness. It is whatever it is that interests the participants, whatever they value, whatever goals they pursue. The scientist seeking to advance the frontiers of his discipline, the missionary seeking to convert infidels to the true faith, the philanthropist seeking to bring comfort to the needy - all are pursuing their interests, as they see them, as they judge them by their own values.