Quote

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.

Milton Friedman

Change background

T
T
T

Change font

TAGS & TOPICS

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
Money
Inflation
Always
Quantity
Produced
Phenomenon
Investing
Output
Everywhere
Rapid
Increase
Rapids
Sense
Monetary

More quotes by Milton Friedman

Image
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
Image
Freedom means diversity but also mobility. It preserves the opportunity for today's disadvantaged to become tomorrow's privileged and, in the process, enables almost everyone, from top to bottom, to enjoy a fuller and richer life.
Milton Friedman
Image
In the current world, with the skills needed, dropouts [like no secondary education] are condemned to being members of the underclass. In my view, this is a fault of the American school system, which is a government monopoly.
Milton Friedman
Image
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.
Milton Friedman
Image
World trade depends on differences among countries, not similarities. Different countries are in different stages of development. It is appropriate for them to have different patterns, different policies for ecology, labor standards, and so forth.
Milton Friedman
Image
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
Image
There is no place for government to prohibit consumers from buying products the effect of which will be to harm themselves.
Milton Friedman
Image
. . I think the Adam Smith role was played in this cycle i.e. the late twentieth century collapse of socialism in which the idea of free-markets succeeded first, and then special events catalyzed a complete change of socio-political policy in countries around the world by Friedrich Hayek's The Road to Serfdom.
Milton Friedman
Image
The only reason free markets have a ghost of a chance is that they are so much more efficient than any other form of organization.
Milton Friedman
Image
The most unresolved problem of the day is precisely the problem that concerned the founders of this nation: how to limit the scope and power of government. Tyranny, restrictions on human freedom, come primarily from governmental restrictions that we ourselves have set up.
Milton Friedman
Image
[T]he burden of government is not measured by how much it taxes, but by how much it spends.
Milton Friedman
Image
Rapid increases in the quantity of money produce inflation. Sharp decreases produce depression.
Milton Friedman
Image
Concentrated power is not rendered harmless by the good intentions of those who create it.
Milton Friedman
Image
The problem in this world is to avoid concentration of power - we must have a dispersion of power.
Milton Friedman
Image
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
Image
They think that the cure to big government is to have bigger government... the only effective cure is to reduce the scope of government - get government out of the business.
Milton Friedman
Image
Germany's problem, in part, is that it went into the euro at the wrong exchange rate that overvalued the deutsche mark.
Milton Friedman
Image
Speeches by businessmen on social responsibility...may gain them kudos in the short run. But it helps to strengthen the already too prevalent view that the pursuit of profits is wicked.... There is one and only one social responsibility of business-to...engage in open and free competition without deception or fraud.
Milton Friedman
Image
A society based on the freedom to choose is better than a society based on the principles of socialism, communism and coercion.
Milton Friedman
Image
[Trade licensing] almost inevitably becomes a tool in the hands of a special producer group to maintain a monopoly position at the expense of the rest of the public. There is no way to avoid this result.
Milton Friedman