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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.
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
Definitely
Caused
Amount
Bank
Contracting
Great
Federal
Privately
Central
Circulation
Depression
Reserve
Third
Owned
Thirds
Reserves
Capitalism
Currency
More quotes by Milton Friedman
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.
Milton Friedman
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.
Milton Friedman
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.
Milton Friedman
I do not believe there is a natural resource economics. I believe there is good economics and bad economics.
Milton Friedman
The government doesn't have any money. The only power it has is to take from some and give to others.
Milton Friedman
Only a crisis, actual or perceived, produces real change.
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
With some notable exceptions, businessmen favor free enterprise in general but are opposed to it when it comes to themselves.
Milton Friedman
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.
Milton Friedman
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
If a country is an attractive place for foreigners to invest their funds, then that country will have a relatively high exchange rate. If it's an unattractive place, it will have a relatively low exchange rate. Those are the fundamentals that determine the exchange rate in a floating exchange rate system.
Milton Friedman
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?
Milton Friedman
The world runs on individuals pursuing their self interests. The great achievements of civilization have not come from government bureaus. Einstein didn't construct his theory under order from a bureaucrat. Henry Ford didn't revolutionize the automobile industry that way.
Milton Friedman
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.
Milton Friedman
The government solution to a problem is usually as bad as the problem.
Milton Friedman
George Stigler was a delightful correspondent. In a letter from London in 1948, after remarking on the inconvertibility of the pound and the inedible, still-rationed food, he concluded, So here I am losing weight and gaining pounds.
Milton Friedman
When everybody owns something, nobody owns it, and nobody has a direct interest in maintaining or improving its condition. That is why buildings in the Soviet Union - like public housing in the United States - look decrepit within a year or two of their construction.
Milton Friedman
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.
Milton Friedman
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.
Milton Friedman
Not all schooling is education nor all education, schooling.
Milton Friedman