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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.

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
Ways
Individuals
Involving
Economic
Economics
Marketplace
State
Direction
Fundamentally
Individual
Army
Activities
Coordinating
Use
Activity
Cooperation
Totalitarian
Two
Millions
Libertarian
Voluntary
States
Liberty
Central
Coercion
Way
Modern
Technique
Libertarianism

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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.
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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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You mustn't judge a politician by talk. You have to judge them by performance.
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Positive economics is in principle independent of any particular ethical position or normative judgment...In short, positive economics is or can be an objective science.
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Every economist knows that minimum wages either do nothing or cause inflation and unemployment. That's not a statement, it's a definition.
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Rapid increases in the quantity of money produce inflation. Sharp decreases produce depression.
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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.
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Nobody spends somebody else's money as carefully as he spends his own. Nobody uses somebody else's resources as carefully as he uses his own. So if you want efficiency and effectiveness, if you want knowledge to be properly utilized, you have to do it through the means of private property.
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The great virtue of a free market is that it enables people who hate each other, or who are from vastly different religious or ethnic backgrounds, to cooperate economically. Government intervention can't do that.
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A society that aims for equality before liberty will end up with neither equality nor liberty. And a society that aims first for liberty will not end up with equality, but it will end up with a closer approach to equality than any other kind of system that has ever been developed.
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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.
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I am favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever it's possible.
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Saying it is one thing. Doing it is very different.
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The Internet moves us closer to perfect information on markets. Individuals and companies alike can buy and sell across borders and jurisdictions wherever they find the best match of supply and demand.
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The history of mankind is the history of money losing value.
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Inflation is always and everywhere a monetary phenomenon.
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Underlying most arguments against the free market is a lack of belief in freedom itself.
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The heart of the liberal philosophy is a belief in the dignity of the individual, in his freedom to make the most of his capacities and opportunities according to his own lights.
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Anybody who was easily converted was not worth converting.
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One of the great mistakes is to judge policies and programs by their intentions rather than their results.
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