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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
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University Teacher
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Brooklyn
New York
Milton Fridman
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More quotes by Milton Friedman
The future of private enterprise capitalism is also the future of a free society. There is no possibility of having a politically free society unless the major part of its economic resources are operated under a capitalistic private enterprise system.
Milton Friedman
Nobody spends somebody else's money as carefully as he spends his own. Nobody uses somebody else's resources as carefully as he uses his own. So if you want efficiency and effectiveness, if you want knowledge to be properly utilized, you have to do it through the means of private property.
Milton Friedman
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.
Milton Friedman
China has seen a great deal of economic progress. It's certainly rather of a miracle. The growing role of the market in the economy will force China to open up its political system over time and to move toward a more democratic society. So taken as a whole, the one real failure in this whole business has been Russia.
Milton Friedman
The problem in this world is to avoid concentration of power - we must have a dispersion of power.
Milton Friedman
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.
Milton Friedman
The great virtue of a free market is that it enables people who hate each other, or who are from vastly different religious or ethnic backgrounds, to cooperate economically. Government intervention can't do that.
Milton Friedman
A minimum-wage law is, in reality, a law that makes it illegal for an employer to hire a person with limited skills.
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
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
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
. . I think the Adam Smith role was played in this cycle i.e. the late twentieth century collapse of socialism in which the idea of free-markets succeeded first, and then special events catalyzed a complete change of socio-political policy in countries around the world by Friedrich Hayek's The Road to Serfdom.
Milton Friedman
The only relevant test of the validity of a hypothesis is comparison of prediction with experience.
Milton Friedman
The great achievements of civilization have not come from government bureaus.
Milton Friedman
The evidence of history speaks with a single voice. I do not know any exception to the proposition that if you compare like with like, the freer the system, the better off the ordinary poor people have been.
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
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
It all would have been much better if individuals saved for their own old age.
Milton Friedman
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.
Milton Friedman