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To the best of my knowledge, there has never been a monetary union, putting out a fiat currency, composed of independent states.
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
Best
Composed
Never
Currency
Union
Unions
Putting
Independent
Knowledge
Fiat
States
Monetary
More quotes by Milton Friedman
Germany's problem, in part, is that it went into the euro at the wrong exchange rate that overvalued the deutsche mark.
Milton Friedman
Only a crisis, actual or perceived, produces real change.
Milton Friedman
When everybody owns something, nobody owns it, and nobody has a direct interest in maintaining or improving its condition. That is why buildings in the Soviet Union - like public housing in the United States - look decrepit within a year or two of their construction.
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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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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.
Milton Friedman
Not all schooling is education nor all education, schooling.
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
To the free man, the country is the collection of individuals who compose it, not something over and above them. He is proud of a common heritage and loyal to common traditions. But he regards government as a means, an instrumentality, neither a grantor of favors and gifts, nor a master or god to be blindly worshipped and served.
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There's a smokestack on the back of every government program.
Milton Friedman
Now that I'm 60, every morning I look in the mirror and say, I don't know who you are, stranger, but I'm gonna shave you anyway.
Milton Friedman
The heart of the liberal philosophy is a belief in the dignity of the individual, in his freedom to make the most of his capacities and opportunities according to his own lights.
Milton Friedman
It all would have been much better if individuals saved for their own old age.
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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.
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Fundamentally, there are only two ways of coordinating the economic activities of millions. One is central direction involving the use of coercion - the technique of the army and of the modern totalitarian state. The other is voluntary cooperation of individuals - the technique of the marketplace.
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Inflation is always and everywhere a monetary phenomenon.
Milton Friedman
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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There's no way to avoid a burden on your freedom. The costs themselves are a burden on your freedom. The restrictions that are necessary in order to get rid of the terrorists are a burden to your freedom. So there's no way in the short run to avoid a restriction on your freedom.
Milton Friedman
Inflation is taxation without legislation.
Milton Friedman
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.
Milton Friedman
Education spending will be most effective if it relies on parental choice & private initiative -- the building blocks of success throughout our society.
Milton Friedman
