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Rich people are the experimental ground for every new development. The nature of progress is that what begins as a luxury for the rich becomes a necessity for the poor as it's developed and passed on.
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
People
Ground
Development
Progress
Experimental
Becomes
Necessity
Rich
Developed
Poor
Passed
Nature
Luxury
Every
Begins
More quotes by Milton Friedman
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
Underlying most arguments against the free market is a lack of belief in freedom itself.
Milton Friedman
Rapid increases in the quantity of money produce inflation. Sharp decreases produce depression.
Milton Friedman
By encouraging men to spy and report on one another, by making it in the private interest of large numbers of citizens to evade the controls, and by making actions illegal that are in the public interest, the controls undermine individual morality.
Milton Friedman
If a country is an attractive place for foreigners to invest their funds, then that country will have a relatively high exchange rate. If it's an unattractive place, it will have a relatively low exchange rate. Those are the fundamentals that determine the exchange rate in a floating exchange rate system.
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
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
We had much freer trade in the 19th century. We have much less globalization now than we did then.
Milton Friedman
Is there some society you know of that doesn't run on greed? You think Russia doesn't run on greed? You think China doesn't run on greed? What is greed?
Milton Friedman
Only a crisis, actual or perceived, produces real change.
Milton Friedman
Money is a very powerful thing, which you hardly notice when it goes right, but which can create havoc when it goes wrong.
Milton Friedman
Every economist knows that minimum wages either do nothing or cause inflation and unemployment. That's not a statement, it's a definition.
Milton Friedman
How can we keep the government we create from becoming a Frankenstein that will destroy the very freedom we establish it to protect? Freedom is a rare and delicate plant.
Milton Friedman
The price works so well, so efficiently, that we are not aware of it most of the time.
Milton Friedman
I am favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever it's possible.
Milton Friedman
As a nation, we have been responsible for the murder of literally hundreds of thousands of people at home and abroad by fighting a war that should never have been started and can be won, if at all, only by converting the United States into a police state.
Milton Friedman
I would say that in this world, the greatest source of inequality has been special privileges granted by government.
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
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
History suggests that capitalism is a necessary condition for political freedom. Clearly it is not a sufficient condition.
Milton Friedman
