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A crackpot theory. Instead of saying labor's exploited, as Marx did, Kelso says capital's exploited. It's worse than Marx. It's Marx stood on its head.
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
Saying
Liberalism
Economy
Stood
Head
Capital
Politics
Worse
Kelso
Labor
Crackpot
Theory
Crackpots
Instead
Exploited
Says
Marx
More quotes by Milton Friedman
Only government can take perfectly good paper, cover it with perfectly good ink and make the combination worthless.
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On aging societies, there is no reason why a country that has a lot of old people can't be prosperous if, during their working lives, individuals provide for their retirement.
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Thanks to economists, all of us, from the days of Adam Smith and before right down to the present, tariffs are perhaps one tenth of one percent lower than they otherwise would have been. And because of our efforts, we have earned our salaries ten-thousand fold.
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Saying it is one thing. Doing it is very different.
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The history of mankind is the history of money losing value.
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I would say that in this world, the greatest source of inequality has been special privileges granted by government.
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You mustn't judge a politician by talk. You have to judge them by performance.
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The most important ways in which I think the Internet will affect the big issue is that it will make it more difficult for government to collect taxes.
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Only a crisis, actual or perceived, produces real change.
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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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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.
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Inflation is always and everywhere a monetary phenomenon.
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If you put the federal government in charge of the Sahara Desert, in 5 years there'd be a shortage of sand.
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The combination of economic and political power in the same hands is a sure recipe for tyranny.
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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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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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There's no such thing as a free lunch.
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The existence of a free market does not of course eliminate the need for government. On the contrary, government is essential both as a forum for determining the rule of the game and as an umpire to interpret and enforce the rules decided on.
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Cutting government spending and government intrusion in the economy will almost surely involve immediate gain for the many, short-term pain for the few, and long-term gain for all.
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Germany cannot get out of the euro. What it has to do, therefore, is make the economy more flexible - to eliminate the restrictions on prices, on wages and on employment in short, the regulations that keep 10 percent of the German workforce unemployed.
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