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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.
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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Federal
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More quotes by 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.
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I do not believe there is a natural resource economics. I believe there is good economics and bad economics.
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Education spending will be most effective if it relies on parental choice & private initiative -- the building blocks of success throughout our society.
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There is only one social responsibility of business
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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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The euro is going to be a big source of problems, not a source of help.
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Governments never learn. Only people learn.
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There's a smokestack on the back of every government program.
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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.
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Economic freedom is ... an indispensable means toward the achievement of political freedom.
Milton Friedman
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.
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The Depression, which started in 1929 was rather mild from 1929 to 1930. And, indeed, in my opinion would have been over in 1931 at the latest had it not been that the Federal Reserve followed a policy which led to bank failures, widespread bank failures, and led to a reduction in the quantity of money.
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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.
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[T]he burden of government is not measured by how much it taxes, but by how much it spends.
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The only relevant test of the validity of a hypothesis is comparison of prediction with experience.
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I am in favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever it's possible. ... because I believe the big problem is not taxes, the big problem is spending.
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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.
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The proper role of government is exactly what John Stuart Mill said in the middle of the 19th century in On Liberty. The proper role of government is to prevent other people from harming an individual. Government, he said, never has any right to interfere with an individual for that individual's own good.
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You mustn't judge a politician by talk. You have to judge them by performance.
Milton Friedman
Our emphasis here is based not only on the growing seriousness of drug-related crimes, but also on the belief that relieving our police and our courts from having to fight losing battles against drug use will enable their energies and facilities to be devoted more fully to combating other forms of crime.
Milton Friedman
