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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.

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
Reason
Societies
Country
Retirement
People
Aging
Provide
Individuals
Working
Lives
Individual
Prosperous

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Freedom is a rare and delicate plant. Our minds tell us, and history confirms, that the great threat to freedom is the concentration of power.
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The Great Depression was not a sign of the failure of monetary policy or a result of the failure of the market system as was widely interpreted. It was instead a consequence of a very serious government failure, in particular a failure in the monetary authorities to do what they'd initially been set up to do.
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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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The Federal Reserve the privately owned U.S. central bank definitely caused The Great Depression by contracting the amount of currency in circulation by one third from 1929 to 1933.
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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 growing role that the government has played in financing and administering schooling has led not only the enormous waste of taxpayers money but also to a far poorer educational system.
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Not all schooling is education nor all education, schooling.
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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.
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What most people really object to when they object to a free market is that it is so hard for them to shape it to their own will. The market gives people what the people want instead of what other people think they ought to want. At the bottom of many criticisms of the market economy is really lack of belief in freedom itself.
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If a country is an attractive place for foreigners to invest their funds, then that country will have a relatively high exchange rate. If it's an unattractive place, it will have a relatively low exchange rate. Those are the fundamentals that determine the exchange rate in a floating exchange rate system.
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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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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.
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There is no place for government to prohibit consumers from buying products the effect of which will be to harm themselves.
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Had drugs been decriminalized, crack would never have been invented and there would today be fewer addicts... The ghettos would not be drug-and-crime-infested no-man's lands... Colombia, Bolivia and Peru would not be suffering from narco-terror, and we would not be distorting our foreign policy because of it.
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How did we make the transition from using wood to using coal, from using coal to using oil, from using oil to using natural gas? How in God's name did we make that transition without a Federal Energy Agency?
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It all would have been much better if individuals saved for their own old age.
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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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If China don't free up the political side, its economic growth will come to an end - while it is still at a very low level.
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The word 'free' is used three times in the Declaration of Independence and once in the First Amendment to the Constitution, along with 'freedom.' The word 'fair' is not used in either of our founding documents.
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No central banker would disagree with the proposition that inflation is primarily a monetary phenomenon. Not one of them will disagree that every inflation has been accompanied by a rapid increase in the quantity of money and every deflation by a decline in the quantity of money.
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