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When you start paying people to be poor, you wind up with an awful lot of poor people.
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
Awful
Economics
Wind
Start
Poor
People
Paying
More quotes by Milton Friedman
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.
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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.
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Only government can take perfectly good paper, cover it with perfectly good ink and make the combination worthless.
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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.
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The big issue is whether the United States will succeed in its venture of reshaping the Middle East. It is not clear to me that using military force is the way to do it. We should not have gone into Iraq. But we have.
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Most of the energy of political work is devoted to correcting the effects of mismanagement of government.
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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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It doesn't worry me a bit that China and Japan hold so much US debt. In a way, it seems foolish for them to do it because they get lower returns than they might elsewhere. But that is their business.
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World trade depends on differences among countries, not similarities. Different countries are in different stages of development. It is appropriate for them to have different patterns, different policies for ecology, labor standards, and so forth.
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The broader and more influential organisations of businessmen have acted to undermine the basic foundation of the free market system they purport to represent and defend.
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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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There is not a line in 'The Wealth of Nations' that is not still applicable to this day.
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The fall of the Berlin Wall really demonstrated beyond the shadow of a doubt that there was a bad system, and what subsequently happened in the Soviet Union, that that system was a failure.
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One man's opportunism is another man's statesmanship.
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The facts never speak for themselves. They have to be interpreted in terms of some understanding of where they come from and what the relation between them is.
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We had much freer trade in the 19th century. We have much less globalization now than we did then.
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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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The government solution to a problem is usually as bad as the problem.
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Rapid increases in the quantity of money produce inflation. Sharp decreases produce depression.
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The only corporate social responsibility a company has is to maximize its profits.
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