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The free market is not only a more efficient decision maker than even the wisest central planning body, but even more important, the free market keeps economic power widely dispersed.

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
Economic
Maker
Decision
Wisest
Free
Makers
Power
Efficient
Body
Central
Important
Planning
Even
Keeps
Dispersed
Market
Widely

More quotes by Milton Friedman

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The government doesn't have any money. The only power it has is to take from some and give to others.
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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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Central bankers always try to avoid their last big mistake. So every time there's the threat of a contraction in the economy, they'll over stimulate the economy, by printing too much money. The result will be a rising roller coaster of inflation, with each high and low being higher than the preceding one.
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If you look at the balance sheet, the US is heavily in debt. If you look at the income account - the amount of interest the US pays abroad - it is almost exactly equal to the amount of interest that it receives from abroad. American assets held abroad are earning a higher rate of return than foreign assets held here.
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And where are you going to get these angels who are going to run society for us?
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The big issue is whether the United States will succeed in its venture of reshaping the Middle East. It is not clear to me that using military force is the way to do it. We should not have gone into Iraq. But we have.
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Concentrated power is not rendered harmless by the good intentions of those who create it.
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Inflation is the one form of taxation that can be imposed without legislation.
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In a bureaucratic system, useless work drives out useful work.
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I think in some ways it would make more sense to have as a poverty level a relative concept and say, the level of poverty is that level of income or that level of consumption below which 10 percent of the people now are.
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I would say that in this world, the greatest source of inequality has been special privileges granted by government.
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If China don't free up the political side, its economic growth will come to an end - while it is still at a very low level.
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One of the great mistakes is to judge policies and programs by their intentions rather than their results.
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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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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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When you start paying people to be poor, you wind up with an awful lot of poor people.
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Universities exist to transmit knowledge and understanding of ideas and values to students not to provide entertainment for spectators or employment for athletes.
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There is only one social responsibility of business
Milton Friedman
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Rapid increases in the quantity of money produce inflation. Sharp decreases produce depression.
Milton Friedman
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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