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Concentrated power is not rendered harmless by the good intentions of those who create it.

Milton Friedman

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Milton Friedman
Age: 94 †
Born: 1912
Born: July 31
Died: 2006
Died: November 16
Economist
Essayist
Statistician
University Teacher
Writer
Brooklyn
New York
Milton Fridman
Economics
Intention
Liberty
Harmless
Create
Rendered
Power
Concentrated
Good
Libertarianism
Intentions
Libertarian

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To the best of my knowledge, there has never been a monetary union, putting out a fiat currency, composed of independent states.
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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.
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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.
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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.
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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.
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What's the difference? How can people be so inconsistent? Why is it that free immigration was a good thing before 1914 and free immigration is a bad thing today? Well, there is a sense in which that answer is right. There's a sense in which free immigration, in the same sense as we had it before 1914 is not possible today. Why not?
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We had much freer trade in the 19th century. We have much less globalization now than we did then.
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There is only one social responsibility of business
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Government is a way by which every individual believes he can live at the expense of everybody else.
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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.
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Education spending will be most effective if it relies on parental choice & private initiative -- the building blocks of success throughout our society.
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When you have a time of crisis what happens depends on what ideas are floating around, and what ideas have been developed, and thought through, and are made effective.
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A society based on the freedom to choose is better than a society based on the principles of socialism, communism and coercion.
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It all would have been much better if individuals saved for their own old age.
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If China don't free up the political side, its economic growth will come to an end - while it is still at a very low level.
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Every economist knows that minimum wages either do nothing or cause inflation and unemployment. That's not a statement, it's a definition.
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The great achievements of civilization have not come from government bureaus.
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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.
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A minimum-wage law is, in reality, a law that makes it illegal for an employer to hire a person with limited skills.
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Only government can take perfectly good paper, cover it with perfectly good ink and make the combination worthless.
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