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I would say that in this world, the greatest source of inequality has been special privileges granted by government.
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
Privileges
Would
Inequality
World
Granted
Privilege
Source
Greatest
Special
Government
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The current oil crisis has not been produced by the oil companies. It is a result of governmental mismanagement exacerbated by the Mideast war.
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A society that puts equality — in the sense of equality of outcome — ahead of freedom will end up with neither equality nor freedom. The use of force to achieve equality will destroy freedom, and the force, introduced for good purposes, will end up in the hands of people who use it to promote their own interests.
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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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If instead of looking at income, you look at levels of consumption, if anything that's become more equal. The fraction of families that have a dishwasher, that have a sewing machine, that have a television set. In respect to consumption, it's very hard to avoid the view that people have been getting more equal rather than more unequal.
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China has seen a great deal of economic progress. It's certainly rather of a miracle. The growing role of the market in the economy will force China to open up its political system over time and to move toward a more democratic society. So taken as a whole, the one real failure in this whole business has been Russia.
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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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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.
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The argument for collectivism is simple free market is not.
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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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Germany's problem, in part, is that it went into the euro at the wrong exchange rate that overvalued the deutsche mark.
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The great advances of civilization, whether in architecture or painting, in science or literature, in industry or agriculture, have never come from centralized government.
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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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The real tragedy of minimum wage laws is that they are supported by well-meaning groups who want to reduce poverty. But the people who are hurt most by higher minimums are the most poverty stricken.
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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.
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Only a crisis, actual or perceived, produces real change.
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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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Inflation is always and everywhere a monetary phenomenon.
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And where are you going to get these angels who are going to run society for us?
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Economic freedom is ... an indispensable means toward the achievement of political freedom.
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Inflation is the one form of taxation that can be imposed without legislation.
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