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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

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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
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Increasingly
Subsidize
Work
Range
Incentive
Save
Costly
Long
Increase
Employ
Make
Taxes
Incentives
People
Ordinary
Employers
System
Unemployment
High
Invest
Subsidizes

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China's productive system draws upon the other East Asian countries to a great extent. The volume of trade is much larger than the net amount being exported from China. China needs substantial reserves to finance all that.
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The government solution to a problem is usually as bad as the problem.
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Every friend of freedom... must be as revolted as I am by the prospect of turning the United States into an armed camp, by the vision of jails filled with casual drug users and of an army of enforcers empowered to invade the liberty of citizens on slight evidence.
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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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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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The most important ways in which I think the Internet will affect the big issue is that it will make it more difficult for government to collect taxes.
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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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My interest in political philosophy was rather casual until I met Hayek.
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Everywhere, and at all times, economic progress has meant far more to the poor than to the rich.
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I am a limited-government libertarian.
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Since the 1930s the technique of buying votes with the voters' own money has been expanded to an extent undreamed of by earlier politicians.
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The proper role of government is exactly what John Stuart Mill said in the middle of the 19th century in On Liberty. The proper role of government is to prevent other people from harming an individual. Government, he said, never has any right to interfere with an individual for that individual's own good.
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It doesn't worry me a bit that China and Japan hold so much US debt. In a way, it seems foolish for them to do it because they get lower returns than they might elsewhere. But that is their business.
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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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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.
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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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Underlying most arguments against the free market is a lack of belief in freedom itself.
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Richard Nixon was a very intelligent and able man. And he had the right ideas. But he did not have the adherence to principles that [Ronald] Reagan had. He did some very good things. We owe to Richard Nixon the volunteer army - he got rid of the draft. And that was a major increase in freedom.
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The facts never speak for themselves. They have to be interpreted in terms of some understanding of where they come from and what the relation between them is.
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How do you hold down government spending?
Milton Friedman