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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
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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
Every
Definition
Statements
Definitions
Economist
Investing
Inflation
Cause
Unemployment
Either
Wages
Causes
Statement
Nothing
Minimum
More quotes by Milton Friedman
The great achievements of civilization have not come from government bureaus.
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A society that puts equality before freedom will get neither. A society that puts freedom before equality will get a high degree of both.
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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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Since the 1930s the technique of buying votes with the voters' own money has been expanded to an extent undreamed of by earlier politicians.
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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.
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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.
Milton Friedman
The only reason free markets have a ghost of a chance is that they are so much more efficient than any other form of organization.
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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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Concentrated power is not rendered harmless by the good intentions of those who create it.
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The state of our educational system is a disgrace to our country. We have an elementary and secondary school system in which close to half of the youngsters never graduate properly. It's a disgrace that there is more illiteracy today than there was 100 years ago.
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When you have a time of crisis what happens depends on what ideas are floating around, and what ideas have been developed, and thought through, and are made effective.
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The high rate of unemployment among teenagers, and especially black teenagers, is both a scandal and a serious source of social unrest. Yet it is largely a result of minimum wage laws. We regard the minimum wage law as one of the most, if not the most, anti-black laws on the statute books.
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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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You never can cure poverty. Poverty is in the eye of the beholder.
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Inflation is always and everywhere a monetary phenomenon.
Milton Friedman
Whenever you try to do good with someone else's money, you are committed to using force. How can you do good with somebody else's money, unless you first take it away from them? The only way you can take it away from them is the threat of force: you have a policeman, tax collector, who comes and takes it from them.
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In a bureaucratic system, useless work drives out useful work.
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The only corporate social responsibility a company has is to maximize its profits.
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Pick at random any three letters from the alphabet, put them in any order, and you will have an acronym designating a federal agency we can do without.
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You mustn't judge a politician by talk. You have to judge them by performance.
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