Quote

Individual price and wage changes will not be prevented. In the main, price changes will simply be concealed by taking the form of changes in discounts, service, and quality, and wage changes, in overtime, perquisites and so on…. But to whatever extent the freeze is enforced, it will do harm by distorting relative prices.

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
Individual
Price
Prevented
Form
Harm
Freeze
Service
Concealed
Changes
Wage
Taking
Prices
Overtime
Simply
Relative
Distorting
Quality
Extent
Discounts
Whatever
Main
Enforced

More quotes by Milton Friedman

Image
Nobody spends somebody else's money as carefully as he spends his own.
Milton Friedman
Image
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
Image
Now that I'm 60, every morning I look in the mirror and say, I don't know who you are, stranger, but I'm gonna shave you anyway.
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 do not believe there is a natural resource economics. I believe there is good economics and bad economics.
Milton Friedman
Image
What makes it [economics] most fascinating is that its fundamental principles are so simple that they can be written on one page, that anyone can understand them, and yet very few do.
Milton Friedman
Image
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
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
Since the 1930s the technique of buying votes with the voters' own money has been expanded to an extent undreamed of by earlier politicians.
Milton Friedman
Image
How did we make the transition from using wood to using coal, from using coal to using oil, from using oil to using natural gas? How in God's name did we make that transition without a Federal Energy Agency?
Milton Friedman
Image
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
Image
The current oil crisis has not been produced by the oil companies. It is a result of governmental mismanagement exacerbated by the Mideast war.
Milton Friedman
Image
In a bureaucratic system, useless work drives out useful work.
Milton Friedman
Image
There is only one social responsibility of business
Milton Friedman
Image
When you start paying people to be poor, you wind up with an awful lot of poor people.
Milton Friedman
Image
Pick at random any three letters from the alphabet, put them in any order, and you will have an acronym designating a federal agency we can do without.
Milton Friedman
Image
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
Image
The Internet moves us closer to perfect information on markets. Individuals and companies alike can buy and sell across borders and jurisdictions wherever they find the best match of supply and demand.
Milton Friedman
Image
Spending by government currently amounts to about 45 percent of national income. By that test, government owns 45 percent of the means of production that produce the national income. The U.S. is now 45 percent socialist.
Milton Friedman
Image
No central banker would disagree with the proposition that inflation is primarily a monetary phenomenon. Not one of them will disagree that every inflation has been accompanied by a rapid increase in the quantity of money and every deflation by a decline in the quantity of money.
Milton Friedman