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The only relevant test of the validity of a hypothesis is comparison of prediction with experience.

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
Test
Tests
Prediction
Experience
Validity
Predictions
Hypothesis
Statistics
Relevant
Comparison

More quotes by Milton Friedman

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The fall of the Berlin Wall really demonstrated beyond the shadow of a doubt that there was a bad system, and what subsequently happened in the Soviet Union, that that system was a failure.
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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.
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The invisible hand in politics operates in the opposite direction to the invisible hand in the market.
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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.
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The big problem for a democratic government - democrat with a small d - is how to hold down government spending.
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Statistics do not speak for themselves.
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Fundamentally, there are only two ways of coordinating the economic activities of millions. One is central direction involving the use of coercion - the technique of the army and of the modern totalitarian state. The other is voluntary cooperation of individuals - the technique of the marketplace.
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Inflation is the one form of taxation that can be imposed without legislation.
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Rapid increases in the quantity of money produce inflation. Sharp decreases produce depression.
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Universities exist to transmit knowledge and understanding of ideas and values to students not to provide entertainment for spectators or employment for athletes.
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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.
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The only corporate social responsibility a company has is to maximize its profits.
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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.
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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.
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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.
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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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The excuse for the destruction of liberty is always the plea of necessary ' that there is no alternative
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One man's opportunism is another man's statesmanship.
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Saying it is one thing. Doing it is very different.
Milton Friedman
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I think there is universal agreement within the economics profession that the decline - the sharp decline in the quantity of money played a very major role in producing the Great Depression.
Milton Friedman