Milton Friedman Quotes


I think a major reason why intellectuals tend to move towards collectivism is that the collectivist answer is a simple one. If there's something wrong, pass a law and do something about it.


Citations

Friedman, Milton. "Why Intellectuals Oppose Capitalism." Cato Policy Report, 1998.

Related Quotes

Hoover, a brilliant administrator before his presidency, was so ideological about the role of government that when the Great Depression came, he was unwilling to use government directly to cope with the new problems. He was turned out of office in favor of FDR and the New Deal which the voters ratified 4 times. Hoover was embarrassed by the New Deal successes and lashed out with many insults. In this case, he called the New Deal “fascist”. See {589568} for another quote where he labels the New Deal communistic. Ironically, Hoover is rated by most historians as one of the least effective Presidents in American history while Roosevelt is always rated among the top 3 presidents.


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

Milton Friedman was an American economist and statistician 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 Chicago school of economics, a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago that rejected Keynesianism in favor of monetarism until the mid-1970s, when it turned to new classical macroeconomics heavily based on the concept of rational expectations. 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.