Quote

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

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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
Used
Greed
Problem
Plenty
World
Majors
People
Major
Skills
Unused
Resources
Scarcity
Poverty
Starving
Poor
Midst

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Inflation is taxation without legislation.
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Nobody spends somebody else's money as carefully as he spends his own.
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There's a smokestack on the back of every government program.
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The current oil crisis has not been produced by the oil companies. It is a result of governmental mismanagement exacerbated by the Mideast war.
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The great advances of civilization, whether in architecture or painting, in science or literature, in industry or agriculture, have never come from centralized government.
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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.
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Economic freedom is an essential requisite for political freedom. By enabling people to cooperate with one another without coercion or central direction, it reduces the area over which political power is exercised.
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The problem is that, in a world of floating exchange rates, as Italy was before the euro, if one country is subjected to a shock which requires it to cut wages, it cannot do so with a modern kind of control and regulation system. It is much easier to do it by letting the exchange rate change. Only one price has to change, instead of many.
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The only reason free markets have a ghost of a chance is that they are so much more efficient than any other form of organization.
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I do not believe there is a natural resource economics. I believe there is good economics and bad economics.
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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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If the only motive was to help people who could not afford education, advocates of government involvement would have simply proposed tuition subsidies.
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The only corporate social responsibility a company has is to maximize its profits.
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[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.
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Freedom means diversity but also mobility. It preserves the opportunity for today's disadvantaged to become tomorrow's privileged and, in the process, enables almost everyone, from top to bottom, to enjoy a fuller and richer life.
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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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I can spend somebody else's money on somebody else. And if I spend somebody else's money on somebody else, I'm not concerned about how much it is, and I'm not concerned about what I get. And that's government.
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I know of no severe depression, in any country or any time, that was not accompanied by a sharp decline in the stock of money, and equally of no sharp decline in the stock of money that was not accompanied by a severe depression.
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The government solution to a problem is usually as bad as the problem.
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Statistics do not speak for themselves.
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