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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.
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
Great
Produced
Like
Privacy
Depression
Private
Mismanagement
Periods
Instability
Economy
Unemployment
Rather
Severe
Government
Inherent
More quotes by Milton Friedman
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.
Milton Friedman
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 for determining the rule of the game and as an umpire to interpret and enforce the rules decided on.
Milton Friedman
Inflation is always and everywhere a monetary phenomenon.
Milton Friedman
The Great Depression was not a sign of the failure of monetary policy or a result of the failure of the market system as was widely interpreted. It was instead a consequence of a very serious government failure, in particular a failure in the monetary authorities to do what they'd initially been set up to do.
Milton Friedman
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.
Milton Friedman
The Depression, which started in 1929 was rather mild from 1929 to 1930. And, indeed, in my opinion would have been over in 1931 at the latest had it not been that the Federal Reserve followed a policy which led to bank failures, widespread bank failures, and led to a reduction in the quantity of money.
Milton Friedman
Anybody who was easily converted was not worth converting.
Milton Friedman
Government is a way by which every individual believes he can live at the expense of everybody else.
Milton Friedman
Our emphasis here is based not only on the growing seriousness of drug-related crimes, but also on the belief that relieving our police and our courts from having to fight losing battles against drug use will enable their energies and facilities to be devoted more fully to combating other forms of crime.
Milton Friedman
One of the great mistakes is to judge policies and programs by their intentions rather than their results.
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.
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.
Milton Friedman
The proper role of government is exactly what John Stuart Mill said in the middle of the 19th century in On Liberty. The proper role of government is to prevent other people from harming an individual. Government, he said, never has any right to interfere with an individual for that individual's own good.
Milton Friedman
How do you hold down government spending?
Milton Friedman
Making prohibition work is like making water run uphill it's against nature.
Milton Friedman
Inflation is taxation without legislation.
Milton Friedman
. . I think the Adam Smith role was played in this cycle i.e. the late twentieth century collapse of socialism in which the idea of free-markets succeeded first, and then special events catalyzed a complete change of socio-political policy in countries around the world by Friedrich Hayek's The Road to Serfdom.
Milton Friedman
The use of quantity of money as a target has not been a success. I'm not sure that I would as of today push it as hard as I once did.
Milton Friedman
There is no place for government to prohibit consumers from buying products the effect of which will be to harm themselves.
Milton Friedman
Inflation is the one form of taxation that can be imposed without legislation.
Milton Friedman
