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Quotes by Milton Friedman

Welcome to our collection of quotes (with shareable picture quotes) by Milton Friedman. We hope you enjoy pondering them and that you will share them widely.

Wikipedia Summary for Milton Friedman

Milton Friedman (July 31, 1912 – November 16, 2006) 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.

Friedman's challenges to what he later called "naive Keynesian theory" began with his 1950s interpretation of the consumption function, which tracks how consumers spend their money. He introduced a theory - the Permanent Income Hypothesis - which would later become part of the mainstream and among the first to propagate the theory of consumption smoothing, showing how consumers tend to smooth out their consumption throughout their lifetime. During the 1960s he became the main advocate opposing Keynesian government policies, and described his approach (along with mainstream economics) as using "Keynesian language and apparatus" yet rejecting its initial conclusions. He theorized that there existed a natural rate of unemployment and argued that unemployment below this rate would cause inflation to accelerate. He argued that the Phillips curve was in the long run vertical at the "natural rate" and predicted what would come to be known as stagflation. Friedman promoted an alternative macroeconomic viewpoint known as "monetarism" and argued that a steady, small expansion of the money supply was the preferred policy, as compared to rapid, and unexpected changes. His ideas concerning monetary policy, taxation, privatization and deregulation influenced government policies, especially during the 1980s. His monetary theory influenced the Federal Reserve's monetary policy in response to the global financial crisis of 2007–2008.

Friedman was an advisor to Republican President Ronald Reagan and Conservative British Prime Minister Margaret Thatcher. His political philosophy extolled the virtues of a free market economic system with minimal government intervention in social matters. He once stated that his role in eliminating conscription in the United States was his proudest accomplishment. In his 1962 book Capitalism and Freedom, Friedman advocated policies such as a volunteer military, freely floating exchange rates, abolition of medical licenses, a negative income tax and school vouchers and opposed the war on drugs. His support for school choice led him to found the Friedman Foundation for Educational Choice, later renamed EdChoice.

Friedman's works include monographs, books, scholarly articles, papers, magazine columns, television programs, and lectures, and cover a broad range of economic topics and public policy issues. His books and essays have had global influence, including in former communist states. A 2011 survey of economists commissioned by the EJW ranked Friedman as the second-most popular economist of the 20th century, following only by John Maynard Keynes. Upon his death, The Economist described him as "the most influential economist of the second half of the 20th century ... possibly of all of it".

Quote: If even a small fraction of the money we now spend on trying to enforce drug prohibition were devoted to treatment and drug rehabilitation, in an atmosphere of compassion, not punishment, the reduction in drug usage and in the harm done to users could be dramatic. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

If even a small fraction of the money we now spend on trying to enforce drug prohibition were devoted to treatment and drug rehabilitation, in an atmosphere of compassion, not punishment, the reduction in drug usage and in the harm done to users could be dramatic.


Quote: The Internet is the most effective instrument we have for globalization. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

The Internet is the most effective instrument we have for globalization.


Quote: Political freedom...is a necessary condition for the long-term maintenance of economic freedom. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

Political freedom...is a necessary condition for the long-term maintenance of economic freedom.


Quote: The government's solution to a problem is usually as bad as the problem. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

The government's solution to a problem is usually as bad as the problem.


Quote: 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? by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

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?


Quote: The essential notion of a capitalist society ... is voluntary cooperation, voluntary exchange. The essential notion of a socialist society is force. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

The essential notion of a capitalist society ... is voluntary cooperation, voluntary exchange. The essential notion of a socialist society is force.


Quote: Theories can be based on any assumptions, however bizarre. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

Theories can be based on any assumptions, however bizarre.


Quote: To the best of my knowledge, there has never been a monetary union, putting out a fiat currency, composed of independent states. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

To the best of my knowledge, there has never been a monetary union, putting out a fiat currency, composed of independent states.


Quote: 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 author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

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.


Quote: George Stigler was a delightful correspondent. In a letter from London in 1948, after remarking on the inconvertibility of the pound and the inedible, still-rationed food, he concluded, So here I am losing weight and gaining pounds. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

George Stigler was a delightful correspondent. In a letter from London in 1948, after remarking on the inconvertibility of the pound and the inedible, still-rationed food, he concluded, So here I am losing weight and gaining pounds.


Quote: Positive economics is in principle independent of any particular ethical position or normative judgment...In short, positive economics is or can be an objective science. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

Positive economics is in principle independent of any particular ethical position or normative judgment...In short, positive economics is or can be an objective science.


Quote: The euro is going to be a big source of problems, not a source of help. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

The euro is going to be a big source of problems, not a source of help.


Quote: When you argue for free markets, you are arguing against the trend. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

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


Quote: Complete free trade is not politically feasible. Why? Because it's only in the general interest and in no one's special interest. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

Complete free trade is not politically feasible. Why? Because it's only in the general interest and in no one's special interest.


Quote: The power to do good is also the power to do harm. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

The power to do good is also the power to do harm.




Quote: The broader and more influential organisations of businessmen have acted to undermine the basic foundation of the free market system they purport to represent and defend. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

The broader and more influential organisations of businessmen have acted to undermine the basic foundation of the free market system they purport to represent and defend.


Quote: I think almost every economist would agree that government gets itself in trouble when it tries to interfere with voluntary behavior. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

I think almost every economist would agree that government gets itself in trouble when it tries to interfere with voluntary behavior.


Quote: How did we make the transition from using wood to using coal, from using coal to using oil, from using oil to using natural gas? How in God's name did we make that transition without a Federal Energy Agency? by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

How did we make the transition from using wood to using coal, from using coal to using oil, from using oil to using natural gas? How in God's name did we make that transition without a Federal Energy Agency?


Quote: When you start paying people to be poor, you wind up with an awful lot of poor people. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

When you start paying people to be poor, you wind up with an awful lot of poor people.


Quote: One role of prohibition is in making the drug market more lucrative. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

One role of prohibition is in making the drug market more lucrative.


Quote: Prohibition is an attempted cure that makes matters worse -- for both the addict and the rest of us. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

Prohibition is an attempted cure that makes matters worse -- for both the addict and the rest of us.


Quote: Making prohibition work is like making water run uphill; it's against nature. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

Making prohibition work is like making water run uphill; it's against nature.




Quote: Rich people are the experimental ground for every new development. The nature of progress is that what begins as a luxury for the rich becomes a necessity for the poor as it's developed and passed on. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

Rich people are the experimental ground for every new development. The nature of progress is that what begins as a luxury for the rich becomes a necessity for the poor as it's developed and passed on.




Quote: I believe that the monetary stability is an absolutely critical element in the satisfactory operation of a system. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

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


Quote: If a tax cut increases government revenues, you haven't cut taxes enough. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

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


Quote: If you pay people not to work and tax them when they do, don't be surprised if you get unemployment. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

If you pay people not to work and tax them when they do, don't be surprised if you get unemployment.


Quote: 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 author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

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.


Quote: Unfortunately, unanimity is not always feasible. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

Unfortunately, unanimity is not always feasible.


Quote: Germany cannot get out of the euro. What it has to do, therefore, is make the economy more flexible -- to eliminate the restrictions on prices, on wages and on employment; in short, the regulations that keep 10 percent of the German workforce unemployed. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

Germany cannot get out of the euro. What it has to do, therefore, is make the economy more flexible -- to eliminate the restrictions on prices, on wages and on employment; in short, the regulations that keep 10 percent of the German workforce unemployed.


Quote: Now that I'm 60, every morning I look in the mirror and say, I don't know who you are, stranger, but I'm gonna shave you anyway. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

Now that I'm 60, every morning I look in the mirror and say, I don't know who you are, stranger, but I'm gonna shave you anyway.


Quote: China's productive system draws upon the other East Asian countries to a great extent. The volume of trade is much larger than the net amount being exported from China. China needs substantial reserves to finance all that. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

China's productive system draws upon the other East Asian countries to a great extent. The volume of trade is much larger than the net amount being exported from China. China needs substantial reserves to finance all that.


Quote: They think that the cure to big government is to have bigger government... the only effective cure is to reduce the scope of government -- get government out of the business. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

They think that the cure to big government is to have bigger government... the only effective cure is to reduce the scope of government -- get government out of the business.




Quote: Economics has become increasingly an arcane branch of mathematics rather than dealing with real economic problems. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

Economics has become increasingly an arcane branch of mathematics rather than dealing with real economic problems.




Quote: You never can cure poverty. Poverty is in the eye of the beholder. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

You never can cure poverty. Poverty is in the eye of the beholder.


Quote: What you have as a result of past policies is that German entrepreneurs go outside of Germany for many of their activities. They are investing abroad instead of at home because there isn't the openness, fluidity and opportunity they find outside their borders. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

What you have as a result of past policies is that German entrepreneurs go outside of Germany for many of their activities. They are investing abroad instead of at home because there isn't the openness, fluidity and opportunity they find outside their borders.


Quote: There's a smokestack on the back of every government program. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

There's a smokestack on the back of every government program.


Quote: A free man will ask neither what his country can do for him nor what he can do for his country. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

A free man will ask neither what his country can do for him nor what he can do for his country.


Quote: There is no good way of measuring poverty. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

There is no good way of measuring poverty.


Quote: The great achievements of civilization have not come from government bureaus. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

The great achievements of civilization have not come from government bureaus.


Quote: 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. by author Milton Friedman overlaid on photo of Milton Friedman quote; white text on black background

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.


Quote: 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 author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

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.


Quote: 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 author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

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.




Quote: Inflation is a monetary phenomenon. It is made by or stopped by the central bank. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

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


Quote: It doesn't worry me a bit that China and Japan hold so much US debt. In a way, it seems foolish for them to do it because they get lower returns than they might elsewhere. But that is their business. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

It doesn't worry me a bit that China and Japan hold so much US debt. In a way, it seems foolish for them to do it because they get lower returns than they might elsewhere. But that is their business.


Quote: A crackpot theory. Instead of saying labor's exploited, as Marx did, Kelso says capital's exploited. It's worse than Marx. It's Marx stood on its head. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

A crackpot theory. Instead of saying labor's exploited, as Marx did, Kelso says capital's exploited. It's worse than Marx. It's Marx stood on its head.


Quote: The free market is not only a more efficient decision maker than even the wisest central planning body, but even more important, the free market keeps economic power widely dispersed. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

The free market is not only a more efficient decision maker than even the wisest central planning body, but even more important, the free market keeps economic power widely dispersed.




Quote: The big problem for a democratic government -- democrat with a small d -- is how to hold down government spending. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

The big problem for a democratic government -- democrat with a small d -- is how to hold down government spending.


Quote: 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 author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

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.


Quote: Education spending will be most effective if it relies on parental choice and private initiative -- the building blocks of success throughout our society. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

Education spending will be most effective if it relies on parental choice and private initiative -- the building blocks of success throughout our society.


Quote: In a free society, it is hard for 'good' people to do 'good,' but that is a small price to pay for making it hard for 'evil' people to do 'evil,' especially since one man's good is another's evil. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

In a free society, it is hard for 'good' people to do 'good,' but that is a small price to pay for making it hard for 'evil' people to do 'evil,' especially since one man's good is another's evil.


Quote: The most unresolved problem of the day is precisely the problem that concerned the founders of this nation: how to limit the scope and power of government. Tyranny, restrictions on human freedom, come primarily from governmental restrictions that we ourselves have set up. by author Milton Friedman overlaid on photo of Milton Friedman quote; white text on black background

The most unresolved problem of the day is precisely the problem that concerned the founders of this nation: how to limit the scope and power of government. Tyranny, restrictions on human freedom, come primarily from governmental restrictions that we ourselves have set up.


Quote: I say thank God for government waste. If government is doing bad things, it's only the waste that prevents the harm from being greater. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

I say thank God for government waste. If government is doing bad things, it's only the waste that prevents the harm from being greater.




Quote: Central bankers always try to avoid their last big mistake. So every time there's the threat of a contraction in the economy, they'll over stimulate the economy, by printing too much money. The result will be a rising roller coaster of inflation, with each high and low being higher than the preceding one. by author Milton Friedman overlaid on photo of Milton Friedman quote; white text on black background

Central bankers always try to avoid their last big mistake. So every time there's the threat of a contraction in the economy, they'll over stimulate the economy, by printing too much money. The result will be a rising roller coaster of inflation, with each high and low being higher than the preceding one.


Quote: When they so-called 'target the interest rate', what they're doing is controlling the money supply via the interest rate. The interest rate is only an intermediary instrument. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

When they so-called 'target the interest rate', what they're doing is controlling the money supply via the interest rate. The interest rate is only an intermediary instrument.


Quote: The argument for the free market is a complicated and sophisticated one and depends on demonstration of secondary effects. I have confidence market efficiency will win out. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

The argument for the free market is a complicated and sophisticated one and depends on demonstration of secondary effects. I have confidence market efficiency will win out.


Quote: I want people to take thought about their condition and to recognize that 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. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

I want people to take thought about their condition and to recognize that 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.

Longer Version/[Notes]:

I want people to take thought about their condition and to recognize that the maintainence of a free society is a very difficult and complicated thing and it requires a self-denying ordinance of the most extreme kind. It requires a willingness to put up with temporary evils on the basis of the subtle and sophisticated understanding that if you step in to do something about them you not only may make them worse, you will spread your tenticles and get bad results elsewhere.


Quote: Only a crisis, actual or perceived, produces real change. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

Only a crisis, actual or perceived, produces real change.

Longer Version/[Notes]:

Only a crisis -- actual or perceived -- produces real change. When that crisis occurs, the actions that are taken depend on the ideas that are lying around. That, I believe, is our basic function: to develop alternatives to existing policies, to keep them alive and available until the politically impossible becomes the politically inevitable.


Quote: No central banker would disagree with the proposition that inflation is primarily a monetary phenomenon. Not one of them will disagree that every inflation has been accompanied by a rapid increase in the quantity of money and every deflation by a decline in the quantity of money. by author Milton Friedman overlaid on photo of Milton Friedman quote; white text on black background

No central banker would disagree with the proposition that inflation is primarily a monetary phenomenon. Not one of them will disagree that every inflation has been accompanied by a rapid increase in the quantity of money and every deflation by a decline in the quantity of money.


Quote: Rapid increases in the quantity of money produce inflation. Sharp decreases produce depression. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

Rapid increases in the quantity of money produce inflation. Sharp decreases produce depression.


Quote: Richard Nixon was a very intelligent and able man. And he had the right ideas. But he did not have the adherence to principles that Ronald Reagan had. He did some very good things. We owe to Richard Nixon the volunteer army -- he got rid of the draft. And that was a major increase in freedom. by author Milton Friedman overlaid on photo of Milton Friedman quote: Richard Nixon was a very intelligent and able man. And he had the right ideas. But he did not have the adherence to principles that Ronald Reagan had. He did some very good things. We owe to Richard Nixon the volunteer army -- he got rid of the draft. And that was a major increase in freedom.- black text on quotes background

Richard Nixon was a very intelligent and able man. And he had the right ideas. But he did not have the adherence to principles that Ronald Reagan had. He did some very good things. We owe to Richard Nixon the volunteer army -- he got rid of the draft. And that was a major increase in freedom.


Quote: I think that the Internet is going to be one of the major forces for reducing the role of government. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

I think that the Internet is going to be one of the major forces for reducing the role of government.

Longer Version/[Notes]:

I think that the Internet is going to be one of the major forces for reducing the role of government. The one thing that's missing, but that will soon be developed, is a reliable e-cash -- a method whereby on the Internet you can transfer funds from A to B without A knowing B or B knowing A.


Quote: It is a mark of how far we have gone on the road to serfdom that government allocation and rationing of oil is the automatic response to the oil crisis. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

It is a mark of how far we have gone on the road to serfdom that government allocation and rationing of oil is the automatic response to the oil crisis.


Quote: Given greater freedom about where to send their children, parents of a kind would flock together and so prevent a healthy intermingling of children from decidedly different backgrounds. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

Given greater freedom about where to send their children, parents of a kind would flock together and so prevent a healthy intermingling of children from decidedly different backgrounds.


Quote: Thanks to economists, all of us, from the days of Adam Smith and before right down to the present, tariffs are perhaps one tenth of one percent lower than they otherwise would have been. And because of our efforts, we have earned our salaries ten-thousand fold. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

Thanks to economists, all of us, from the days of Adam Smith and before right down to the present, tariffs are perhaps one tenth of one percent lower than they otherwise would have been. And because of our efforts, we have earned our salaries ten-thousand fold.


Quote: The stock market and economy are two different things. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

The stock market and economy are two different things.


Quote: You never have real changes unless you have a time of crisis. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

You never have real changes unless you have a time of crisis.


Quote: The fall of the Berlin Wall did more for the progress of freedom than all of the books written by myself or Friedrich Hayek or others. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

The fall of the Berlin Wall did more for the progress of freedom than all of the books written by myself or Friedrich Hayek or others.


Quote: My interest in political philosophy was rather casual until I met Hayek. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

My interest in political philosophy was rather casual until I met Hayek.




Quote: There is likely to be a lag between the need for action and government an individual's or a team's recognition of the need; a further lag between recognition of the need for action and the taking of action; and a still further lag between the action and its effects. by author Milton Friedman overlaid on photo of Milton Friedman quote; white text on black background

There is likely to be a lag between the need for action and government an individual's or a team's recognition of the need; a further lag between recognition of the need for action and the taking of action; and a still further lag between the action and its effects.




Quote: Cutting government spending and government intrusion in the economy will almost surely involve immediate gain for the many, short-term pain for the few, and long-term gain for all. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

Cutting government spending and government intrusion in the economy will almost surely involve immediate gain for the many, short-term pain for the few, and long-term gain for all.


Quote: Corruption is government intrusion into market efficiencies in the form of regulations. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

Corruption is government intrusion into market efficiencies in the form of regulations.


Quote: The Internet moves us closer to perfect information on markets. Individuals and companies alike can buy and sell across borders and jurisdictions wherever they find the best match of supply and demand. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

The Internet moves us closer to perfect information on markets. Individuals and companies alike can buy and sell across borders and jurisdictions wherever they find the best match of supply and demand.




Quote: There seems little correlation between poverty and honesty. One would rather expect the opposite; dishonesty may not always pay but surely it sometimes does. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

There seems little correlation between poverty and honesty. One would rather expect the opposite; dishonesty may not always pay but surely it sometimes does.


Quote: The current oil crisis has not been produced by the oil companies. It is a result of governmental mismanagement exacerbated by the Mideast war. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

The current oil crisis has not been produced by the oil companies. It is a result of governmental mismanagement exacerbated by the Mideast war.






Quote: Personal freedom has grown greatly within China, and that will provoke ever more points of conflict between the individual and state. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

Personal freedom has grown greatly within China, and that will provoke ever more points of conflict between the individual and state.


Quote: The Federal Reserve the privately owned U.S. central bank definitely caused The Great Depression by contracting the amount of currency in circulation by one third from 1929 to 1933. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

The Federal Reserve the privately owned U.S. central bank definitely caused The Great Depression by contracting the amount of currency in circulation by one third from 1929 to 1933.


Quote: As a nation, we have been responsible for the murder of literally hundreds of thousands of people at home and abroad by fighting a war that should never have been started and can be won, if at all, only by converting the United States into a police state. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

As a nation, we have been responsible for the murder of literally hundreds of thousands of people at home and abroad by fighting a war that should never have been started and can be won, if at all, only by converting the United States into a police state.


Quote: When everybody owns something, nobody owns it, and nobody has a direct interest in maintaining or improving its condition. That is why buildings in the Soviet Union -- like public housing in the United States -- look decrepit within a year or two of their construction. by author Milton Friedman overlaid on photo of Milton Friedman quote; white text on black background

When everybody owns something, nobody owns it, and nobody has a direct interest in maintaining or improving its condition. That is why buildings in the Soviet Union -- like public housing in the United States -- look decrepit within a year or two of their construction.


Quote: 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 author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

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.




Quote: Inflation is always and everywhere a monetary phenomenon. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

Inflation is always and everywhere a monetary phenomenon.

Longer Version/[Notes]:

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.


Quote: The Great Depression in the United States, far from being a sign of the inherent instability of the private enterprise system, is a testament to how much harm can be done by mistakes on the part of a few men when they wield vast power over the monetary system of the country. by author Milton Friedman overlaid on photo of Milton Friedman quote; white text on black background

The Great Depression in the United States, far from being a sign of the inherent instability of the private enterprise system, is a testament to how much harm can be done by mistakes on the part of a few men when they wield vast power over the monetary system of the country.


Quote: Why is it that private insurance companies are not in trouble because people are getting older? Aren't they subject to the same demographics? The difference is that they've accumulated a fund, not a pay-in, pay-out system. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

Why is it that private insurance companies are not in trouble because people are getting older? Aren't they subject to the same demographics? The difference is that they've accumulated a fund, not a pay-in, pay-out system.


Quote: 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 author Milton Friedman overlaid on photo of Milton Friedman quote: 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.- black text on quotes background

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.


Quote: I know of no example in time or place of a society that has been marked by a large measure of political freedom, and that has not also used something comparable to a free market to organize the bulk of economic activity. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

I know of no example in time or place of a society that has been marked by a large measure of political freedom, and that has not also used something comparable to a free market to organize the bulk of economic activity.


Quote: If you do not force political freedom, economic freedom will be stymied sooner or later. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

If you do not force political freedom, economic freedom will be stymied sooner or later.


Quote: Economic freedom is ... an indispensable means toward the achievement of political freedom. by author Milton Friedman overlaid on photo of photo of author Milton Friedman with quote

Economic freedom is ... an indispensable means toward the achievement of political freedom.

Longer Version/[Notes]:

Economic freedom is an essential requisite for political freedom. By enabling people to cooperate with one another without coercion or central direction, it reduces the area over which political power is exercised.


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