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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
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Depression
Private
Mismanagement
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Instability
Economy
Unemployment
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Government
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Produced
More quotes by Milton Friedman
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.
Milton Friedman
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?
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
The long-range sloution to high unemployment is to increase the incentive for ordinary people to save, invest, work, and employ others. We make it costly for employers to employ people we subsidize people not to go to work We have a system that increasingly taxes work and subsidizes nonwork.
Milton Friedman
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.
Milton Friedman
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.
Milton Friedman
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.
Milton Friedman
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.
Milton Friedman
The great achievements of civilization have not come from government bureaus.
Milton Friedman
Everywhere, and at all times, economic progress has meant far more to the poor than to the rich.
Milton Friedman
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.
Milton Friedman
Every economist knows that minimum wages either do nothing or cause inflation and unemployment. That's not a statement, it's a definition.
Milton Friedman
We measure poverty by what I believe is a very, very crude concept. We actually measure poverty by trying to get some kind of an estimate of the minimum expenditures on food that are required to maintain health, multiplying that number by three, and saying that's the level of poverty. And it's a very crude, inaccurate arrangement.
Milton Friedman
If you look at the balance sheet, the US is heavily in debt. If you look at the income account - the amount of interest the US pays abroad - it is almost exactly equal to the amount of interest that it receives from abroad. American assets held abroad are earning a higher rate of return than foreign assets held here.
Milton Friedman
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?
Milton Friedman
The argument for collectivism is simple free market is not.
Milton Friedman
There is one and only one social responsibility of business - to use it resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud.
Milton Friedman
The word 'free' is used three times in the Declaration of Independence and once in the First Amendment to the Constitution, along with 'freedom.' The word 'fair' is not used in either of our founding documents.
Milton Friedman
Every friend of freedom... must be as revolted as I am by the prospect of turning the United States into an armed camp, by the vision of jails filled with casual drug users and of an army of enforcers empowered to invade the liberty of citizens on slight evidence.
Milton Friedman
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.
Milton Friedman
