Quote

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.

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
Mean
Economy
Uses
Decision
Properly
Wisdom
Economics
Knowledge
Private
Utilized
Use
Property
Spends
Means
Resources
Effectiveness
Money
Nobody
Efficiency
Else
Somebody
Carefully

More quotes by Milton Friedman

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It is true that a competitive market is not the whole of society. A great deal depends on the qualities of the population and the nation in how they organize the non-market aspects of society.
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You never can cure poverty. Poverty is in the eye of the beholder.
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Political leaders in capitalist countries who cheer the collapse of socialism in other countries continue to favor socialist solutions in their own. They know the words, but they have not learned the tune.
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There is only one social responsibility of business
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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.
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What kind of society isn't structured on greed?
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Inflation is always and everywhere a monetary phenomenon.
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Not all schooling is education nor all education, schooling.
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The state of our educational system is a disgrace to our country. We have an elementary and secondary school system in which close to half of the youngsters never graduate properly. It's a disgrace that there is more illiteracy today than there was 100 years ago.
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By encouraging men to spy and report on one another, by making it in the private interest of large numbers of citizens to evade the controls, and by making actions illegal that are in the public interest, the controls undermine individual morality.
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The high rate of unemployment among teenagers, and especially black teenagers, is both a scandal and a serious source of social unrest. Yet it is largely a result of minimum wage laws. We regard the minimum wage law as one of the most, if not the most, anti-black laws on the statute books.
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China has seen a great deal of economic progress. It's certainly rather of a miracle. The growing role of the market in the economy will force China to open up its political system over time and to move toward a more democratic society. So taken as a whole, the one real failure in this whole business has been Russia.
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Most of the energy of political work is devoted to correcting the effects of mismanagement of government.
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Germany's problem, in part, is that it went into the euro at the wrong exchange rate that overvalued the deutsche mark.
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The Depression, which started in 1929 was rather mild from 1929 to 1930. And, indeed, in my opinion would have been over in 1931 at the latest had it not been that the Federal Reserve followed a policy which led to bank failures, widespread bank failures, and led to a reduction in the quantity of money.
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There's no way to avoid a burden on your freedom. The costs themselves are a burden on your freedom. The restrictions that are necessary in order to get rid of the terrorists are a burden to your freedom. So there's no way in the short run to avoid a restriction on your freedom.
Milton Friedman
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Whenever you try to do good with someone else's money, you are committed to using force. How can you do good with somebody else's money, unless you first take it away from them? The only way you can take it away from them is the threat of force: you have a policeman, tax collector, who comes and takes it from them.
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How do you hold down government spending?
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Is there some society you know of that doesn't run on greed? You think Russia doesn't run on greed? You think China doesn't run on greed? What is greed?
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Complete free trade is not politically feasible. Why? Because it's only in the general interest and in no one's special interest.
Milton Friedman