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[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
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Milton Friedman
Age: 94 †
Born: 1912
Born: July 31
Died: 2006
Died: November 16
Economist
Essayist
Statistician
University Teacher
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Brooklyn
New York
Milton Fridman
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Producers
Licensing
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Avoid
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Tool
More quotes by Milton Friedman
How do you hold down government spending?
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History suggests that capitalism is a necessary condition for political freedom. Clearly it is not a sufficient condition.
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No major institution in the US has so poor a record of performance over so long a period as the Federal Reserve, yet so high a public reputation.
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Nobody spends somebody else's money as carefully as he spends his own.
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To the best of my knowledge, there has never been a monetary union, putting out a fiat currency, composed of independent states.
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So the question is, do corporate executives, provided they stay within the law, have responsibilities in their business activities other than to make as much money for their stockholders as possible? And my answer to that is, no they do not.
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A society based on the freedom to choose is better than a society based on the principles of socialism, communism and coercion.
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Prohibition is an attempted cure that makes matters worse - for both the addict and the rest of us.
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When a private enterprise fails, it is closed down when a government enterprise fails, it is expanded. Isn't that exactly what's been happening with drugs?
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Indeed, a major source of objection to a free economy is precisely that it... gives people what they want instead of what a particular group thinks they ought to want. Underlying most arguments against the free market is a lack of belief in freedom itself.
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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.
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The use of quantity of money as a target has not been a success. I'm not sure that I would as of today push it as hard as I once did.
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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.
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The word 'free' is used three times in the Declaration of Independence and once in the First Amendment to the Constitution, along with 'freedom.' The word 'fair' is not used in either of our founding documents.
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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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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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You mustn't judge a politician by talk. You have to judge them by performance.
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Statistics do not speak for themselves.
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Economic freedom is ... an indispensable means toward the achievement of political freedom.
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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
