Quote

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.

Milton Friedman

Change background

T
T
T

Change font

TAGS & TOPICS

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
Country
Draws
Substantial
Great
East
Reserves
Needs
China
Asian
Much
Countries
Volume
Trade
Finance
Amount
Larger
System
Extent
Upon
Productive
Exported

More quotes by Milton Friedman

Image
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.
Milton Friedman
Image
Only a crisis—actual or perceived—produces real change. When that crisis occurs, the actions that are taken depend on the ideas that are lying around.
Milton Friedman
Image
Indeed, a major source of objection to a free economy is precisely that it... gives people what they want instead of what a particular group thinks they ought to want. Underlying most arguments against the free market is a lack of belief in freedom itself.
Milton Friedman
Image
Economists may not know how to run the economy, but they know how to create shortages or gluts simply by regulating prices below the market, or artificially supporting them from above.
Milton Friedman
Image
Inflation is taxation without legislation.
Milton Friedman
Image
Inflation is the one form of taxation that can be imposed without legislation.
Milton Friedman
Image
Positive economics is in principle independent of any particular ethical position or normative judgment...In short, positive economics is or can be an objective science.
Milton Friedman
Image
The unions might be good for the people who are in the unions but it doesn't do a thing for the people who are unemployed. Because the union keeps down the number of jobs, it doesn't do a thing for them.
Milton Friedman
Image
George Stigler was a delightful correspondent. In a letter from London in 1948, after remarking on the inconvertibility of the pound and the inedible, still-rationed food, he concluded, So here I am losing weight and gaining pounds.
Milton Friedman
Image
Not all schooling is education nor all education, schooling.
Milton Friedman
Image
Money is a very powerful thing, which you hardly notice when it goes right, but which can create havoc when it goes wrong.
Milton Friedman
Image
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.
Milton Friedman
Image
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
Image
I do not believe there is a natural resource economics. I believe there is good economics and bad economics.
Milton Friedman
Image
Every friend of freedom... must be as revolted as I am by the prospect of turning the United States into an armed camp, by the vision of jails filled with casual drug users and of an army of enforcers empowered to invade the liberty of citizens on slight evidence.
Milton Friedman
Image
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.
Milton Friedman
Image
As a nation, we have been responsible for the murder of literally hundreds of thousands of people at home and abroad by fighting a war that should never have been started and can be won, if at all, only by converting the United States into a police state.
Milton Friedman
Image
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.
Milton Friedman
Image
I think there is universal agreement within the economics profession that the decline - the sharp decline in the quantity of money played a very major role in producing the Great Depression.
Milton Friedman
Image
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.
Milton Friedman