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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
Private
Mismanagement
Periods
Instability
Economy
Unemployment
Rather
Severe
Government
Inherent
Great
Produced
Like
Privacy
Depression
More quotes by Milton Friedman
History suggests that capitalism is a necessary condition for political freedom. Clearly it is not a sufficient condition.
Milton Friedman
If a country is an attractive place for foreigners to invest their funds, then that country will have a relatively high exchange rate. If it's an unattractive place, it will have a relatively low exchange rate. Those are the fundamentals that determine the exchange rate in a floating exchange rate system.
Milton Friedman
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.
Milton Friedman
Universities exist to transmit knowledge and understanding of ideas and values to students not to provide entertainment for spectators or employment for athletes.
Milton Friedman
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.
Milton Friedman
[Trade licensing] almost inevitably becomes a tool in the hands of a special producer group to maintain a monopoly position at the expense of the rest of the public. There is no way to avoid this result.
Milton Friedman
My major problem with the world is a problem of scarcity in the midst of plenty ... of people starving while there are unused resources ... people having skills which are not being used.
Milton Friedman
The only relevant test of the validity of a hypothesis is comparison of prediction with experience.
Milton Friedman
To the free man, the country is the collection of individuals who compose it, not something over and above them. He is proud of a common heritage and loyal to common traditions. But he regards government as a means, an instrumentality, neither a grantor of favors and gifts, nor a master or god to be blindly worshipped and served.
Milton Friedman
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.
Milton Friedman
The excuse for the destruction of liberty is always the plea of necessary ' that there is no alternative
Milton Friedman
To the free man, the country is the collection of individuals who compose it, not something over and above them.
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 taxation without legislation.
Milton Friedman
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.
Milton Friedman
I am favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever it's possible.
Milton Friedman
The central banks cannot control interest rates. That's a mistake. They can control a particular rate, such as the Federal Funds rate, if they want to, but they can't control interest rates.
Milton Friedman
Not all schooling is education nor all education, schooling.
Milton Friedman
What makes it [economics] most fascinating is that its fundamental principles are so simple that they can be written on one page, that anyone can understand them, and yet very few do.
Milton Friedman
The Founding Fathers envisioned a federal government that trusts its people with their money and freedom, outlining this limited, non-intrusive federal government in...the Constitution, leaving the other powers to people...or to the states.
Milton Friedman
