Milton Friedman

Milton Friedman
Milton Friedman
  • Born: July 31, 1912
  • Died: November 16, 2006
  • Nationality: American
  • Profession: Economist

76

Quotes

46

Citations

166

Concepts

0

Videos

Milton Friedman was an American economist who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy. With George Stigler and others, Friedman was among the intellectual leaders of the second generation of Chicago price theory, a methodological movement at the University of Chicago's Department of Economics, Law School and Graduate School of Business from the 1940s onward. Several students and young professors who were recruited or mentored by Friedman at Chicago went on to become leading economists, including Gary Becker, Robert Fogel, Thomas Sowell and Robert Lucas Jr.

Quotes
Quote Topics Cited
… the maintenance of a free society is a very difficult and complicated thing and it requires a self-denying ordinance of the most extreme kind Freedom & Liberty
A long term tax cut is not a tax cut at all unless it is accompanied by a spending cut. Budgets & Budgeting
A society that puts equality before freedom will get neither. Equality & Equal Opportunity
Economic freedom is an end in itself …. Economic freedom is an indispensable means towards the achievement of political freedom. Freedom & Liberty
Economic freedom tends to lead to political freedom. Freedom & Liberty
Freedom is not the natural state of mankind. It is a rare and wondrous thing. Freedom & Liberty
Governments never learn. Only people learn. Education, Learning, Knowledge & Training ;Human Nature
Hell hath no fury like a bureaucrat scorned. Politics, Politicians & Political Campaigning & Fund Raising ;Bureaucracy
History suggests that capitalism is a necessary condition for political freedom. Clearly it is not a sufficient condition. History ;Freedom & Liberty ;Capitalism
I am convinced that the minimum-wage law is the most anti-Negro law on our statute books—in its effect, not its intent. Discrimination & Prejudice
I used to think that capitalism was human nature. Now I know that it is culture. Human Nature ;Capitalism
If there is a good case to be made for the illegalization of drugs, there is a better case to be made for the illegalization for tobacco and alcohol. Alcohol, Tobacco & Other Drugs
If you ask me why I believe in human freedom, I don’t know. But it is the most important thing to me. Freedom & Liberty
I'm in favor of legalizing drugs. According to my value system, if people want to kill themselves, they have every right to do so. Most of the harm that comes from drugs is because they are illegal Alcohol, Tobacco & Other Drugs
India has political freedom but it does not have economic freedom. Freedom & Liberty
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. Economics, The Economy & Fiscal Affairs
Inflation is everywhere and anywhere a monetary phenomenon. Economics, The Economy & Fiscal Affairs
Inflation is one form of taxation that can be imposed without legislation. Economics, The Economy & Fiscal Affairs
Inflation is taxation without legislation. Business, Commerce & Finance ;Taxes
Most economic fallacies derive … from the tendency to assume that there is a fixed pie, that one party can gain only at the expense of another. Economics, The Economy & Fiscal Affairs
Most of the energy devoted to political work is devoted to correcting the effects of mismanagement of government. Management & Managing Government
Not since the collapse of the attempt to prohibit the ingestion of alcohol has our liberty been in such danger as it now is from the misnamed “war on drugs.” Alcohol, Tobacco & Other Drugs
Nothing is so permanent as a temporary government job. Bureaucracy
Political freedom can be inimical to economic freedom. Freedom & Liberty
Society doesn't have values. People have values. Morality, Ethics & Conflict of Interest
The best thing to hold down spending is to have a Democratic President and a Republican Congress. Budgets & Budgeting
The existence of a free market does not of course eliminate the need for government. On the contrary, government is essential both as a forum and for determining the “rules of the game”. Economics, The Economy & Fiscal Affairs
The government solution to a problem is usually as bad as the problem. Government ;Compliments, Insults & Rebukes
The only place you have real monopolies is where government provides them. Corruption ;Capitalism
The primary role of the economist is to find out the truth about the real world. Economics, The Economy & Fiscal Affairs
The problem in this world is to avoid concentration of power -- we must have a dispersion of power. Power
The question is, do corporate executives, provided they stay within the law, have responsibilities in their business activities other than to make as much money for their stockholders as possible? And my answer to that is, no they do not. Morality, Ethics & Conflict of Interest
The real problem with the government is not the deficit; it is that the government spends too much money. Budgets & Budgeting
The social and moral issues are all on the side of free trade. And it is you, and people like you, who introduce protection who are the ones who are violating fundamental moral and social issues. Tell me, what trade union represents the workers who are displaced because high tariffs reduce exports from this country, because high tariffs make steel and other goods more expensive, and as a result, those industries that use steel have to charge higher prices, they have fewer employees, the export industries that would grow up to balance the imports, tell me what union represents them? What moral and ethical view do you have about their interests? Capitalism
The two greatest enemies of free enterprise in the United States, in my opinion, have been, on the one hand, my fellow intellectuals and, on the other hand, the business corporations of this country. They are enemies for opposite reasons. Freedom & Liberty ;Capitalism
The U. S. is suffering greatly by the defects of the educational system .... we are producing an underclass. Education, Learning, Knowledge & Training
The war on drugs has produced about 10,000 additional homicides a year. Alcohol, Tobacco & Other Drugs
The way you solve things is by making it politically profitable for the wrong people to do the right thing. Policy & Policy Making
The worst mistake Ronald Reagan ever made was to accept George W. Bush as his running mate. Compliments, Insults & Rebukes
There is no place for government to prohibit consumers from buying products the effect of which will be to harm themselves. Regulation & Deregulation
Underlying most arguments against the free market is a lack of belief in freedom itself. Economics, The Economy & Fiscal Affairs ;Freedom & Liberty
We could have free immigration if we did not have a welfare state. In principle I would like to see free immigration. Immigration & Emigration
We tax the people in Watts to send the children of Beverly Hills to college. Education, Learning, Knowledge & Training
With some notable exceptions, businessmen favor free enterprise in general but are opposed to it when it comes to themselves. Business, Commerce & Finance
Would you rather lead an army of slaves? Military & Veterans ;Capitalism ;Slaves, Slavery & The Slave Trade
And what does reward virtue? You think the communist commissar rewards virtue? You think a Hitler rewards virtue? You think, excuse me, if you'll pardon me, American presidents reward virtue? Do they choose their appointees on the basis of the virtue of the people appointed or on the basis of their political clout?
Columbus did not seek a new route to the Indies in response to a majority directive.
Concentrated power is not rendered harmless by the good intentions of those who create it. Power
Every friend of freedom must be as revolted as I am by the prospect of turning the United States into an armed camp, by the vision of jails filled with casual drug users and of an army of enforcers empowered to invade the liberty of citizens on slight evidence. Freedom & Liberty
I am favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever it's possible. Business, Commerce & Finance
If you put the federal government in charge of the Sahara Desert, in 5 years there'd be a shortage of sand. Government ;Politics, Politicians & Political Campaigning & Fund Raising
I'm in favor of legalizing drugs. According to my values system, if people want to kill themselves, they have every right to do so. Most of the harm that comes from drugs is because they are illegal.
Indeed, a major source of objection to a free economy is precisely that it... gives people what they want instead of what a particular group thinks they ought to want. Underlying most arguments against the free market is a lack of belief in freedom itself. Freedom & Liberty
Inflation is the one form of taxation that can be imposed without legislation.
Is it really true that political self-interest is nobler somehow than economic self-interest?
Many people want the government to protect the consumer. A much more urgent problem is to protect the consumer from the government. Government
Most economic fallacies derive from the tendency to assume that there is a fixed pie, that one party can gain only at the expense of another.
Most of the energy of political work is devoted to correcting the effects of mismanagement of government. Government ;Work, Workers & The Labor Force
Nothing is so permanent as a temporary government program. Government
One man's opportunism is another man's statesmanship.
Only government can take perfectly good paper, cover it with perfectly good ink and make the combination worthless. Government ;Politics, Politicians & Political Campaigning & Fund Raising
So that the record of history is absolutely crystal clear. That there is no alternative way, so far discovered, of improving the lot of the ordinary people that can hold a candle to the productive activities that are unleashed by a free enterprise system. History
The black market was a way of getting around government controls. It was a way of enabling the free market to work. It was a way of opening up, enabling people. Government ;Work, Workers & The Labor Force
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. Government
The greatest advances of civilization, whether in architecture or painting, in science and literature, in industry or agriculture, have never come from centralized government. Government ;Science, Mathematics, Engineering & Technology
The most important single central fact about a free market is that no exchange takes place unless both parties benefit.
The most important ways in which I think the Internet will affect the big issue is that it will make it more difficult for government to collect taxes. Government
The only relevant test of the validity of a hypothesis is comparison of prediction with experience.
The only way that has ever been discovered to have a lot of people cooperate together voluntarily is through the free market. And that's why it's so essential to preserving individual freedom. Freedom & Liberty
The power to do good is also the power to do harm. Power
The problem of social organization is how to set up an arrangement under which greed will do the least harm, capitalism is that kind of a system.
The world runs on individuals pursuing their self interests. The great achievements of civilization have not come from government bureaus. Einstein didn't construct his theory under order from a bureaucrat. Henry Ford didn't revolutionize the automobile industry that way. Government
There's no such thing as a free lunch. Money, Coins & Minting
Universities exist to transmit knowledge and understanding of ideas and values to students not to provide entertainment for spectators or employment for athletes. Education, Learning, Knowledge & Training
We have a system that increasingly taxes work and subsidizes nonwork. Work, Workers & The Labor Force
Well first of all, tell me, is there some society you know of that doesn't run on greed? You think Russia doesn't run on greed? You think China doesn't run on greed? What is greed? Society