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The price works so well, so efficiently, that we are not aware of it most of the time.

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
Works
Military
War
Wells
Well
Time
Efficiently
Price
Aware

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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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Germany has a very able and productive workforce. It has high-quality products that are valued all over the world. It has every opportunity to be a productive, growing state. It just has to give its entrepreneurs a chance. It has to let them make money, hire and fire, and act like entrepreneurs.
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Look, for example, at the obvious, immediate, practical example of illegal Mexican immigration. Now, that Mexican immigration, over the border, is a good thing. It's a good thing for the illegal immigrants. It's a good thing for the United States. It's a good thing for the citizens of the country. But, it's only good so long as its illegal....
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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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Government is a way by which every individual believes he can live at the expense of everybody else.
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My interest in political philosophy was rather casual until I met Hayek.
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You can only make money if you buy a product, whatever it is - maybe a currency, maybe wheat and maybe something else - at a relatively low price and sell it at a higher price than you buy it at. There's no other way to make money.
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In the current world, with the skills needed, dropouts [like no secondary education] are condemned to being members of the underclass. In my view, this is a fault of the American school system, which is a government monopoly.
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The free market is not only a more efficient decision maker than even the wisest central planning body, but even more important, the free market keeps economic power widely dispersed.
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Concentrated power is not rendered harmless by the good intentions of those who create it.
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China's productive system draws upon the other East Asian countries to a great extent. The volume of trade is much larger than the net amount being exported from China. China needs substantial reserves to finance all that.
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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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Universities exist to transmit knowledge and understanding of ideas and values to students not to provide entertainment for spectators or employment for athletes.
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Inflation is always and everywhere a monetary phenomenon.
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The black market was a way of getting around government controls. It was a way of enabling the free market to work. It was a way of opening up, enabling people.
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There's no point in comparing an actual, operating system with an ideal system that doesn't exist.
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Complete free trade is not politically feasible. Why? Because it's only in the general interest and in no one's special interest.
Milton Friedman
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Underlying most arguments against the free market is a lack of belief in freedom itself.
Milton Friedman
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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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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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