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A minimum-wage law is, in reality, a law that makes it illegal for an employer to hire a person with limited skills.
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
Skills
Law
Employer
Makes
Employers
Reality
Wage
Persons
Hire
Person
Minimum
Illegal
Limited
More quotes by Milton Friedman
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.
Milton Friedman
Inflation is always and everywhere a monetary phenomenon.
Milton Friedman
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.
Milton Friedman
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
The only corporate social responsibility a company has is to maximize its profits.
Milton Friedman
See, if you look at the drug war from a purely economic point of view, the role of the government is to protect the drug cartel. That's literally true.
Milton Friedman
There's a smokestack on the back of every government program.
Milton Friedman
What works for Sweden wouldn't work for France or Germany or Italy. In a small state, you can reach outside for many of your activities. In a homogeneous culture, they are willing to pay higher taxes in order to achieve commonly held goals. But common goals are much harder to come by in larger, more heterogeneous populations.
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
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.
Milton Friedman
The Great Depression was not a sign of the failure of monetary policy or a result of the failure of the market system as was widely interpreted. It was instead a consequence of a very serious government failure, in particular a failure in the monetary authorities to do what they'd initially been set up to do.
Milton Friedman
Germany's problem, in part, is that it went into the euro at the wrong exchange rate that overvalued the deutsche mark.
Milton Friedman
The broader and more influential organisations of businessmen have acted to undermine the basic foundation of the free market system they purport to represent and defend.
Milton Friedman
In a bureaucratic system, useless work drives out useful work.
Milton Friedman
The real tragedy of minimum wage laws is that they are supported by well-meaning groups who want to reduce poverty. But the people who are hurt most by higher minimums are the most poverty stricken.
Milton Friedman
Anybody who was easily converted was not worth converting.
Milton Friedman
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.
Milton Friedman
What central banks can control is a base and one way they can control the base is via manipulating a particular interest rate, such as a Federal Funds rate, the overnight rate at which banks lend to one another. But they use that control to control what happens to the quantity of money. There is no disagreement.
Milton Friedman
A society that puts equality before freedom will get neither. A society that puts freedom before equality will get a high degree of both.
Milton Friedman
The growing role that the government has played in financing and administering schooling has led not only the enormous waste of taxpayers money but also to a far poorer educational system.
Milton Friedman
