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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

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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
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Economics
Money
Profession
Great
Majors
Sharp
Think
Major
Producing
Thinking
Played
Quantity
Role
Decline
Universal
Agreement
Roles
Depression

More quotes by Milton Friedman

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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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You cannot simultaneously have free immigration and a welfare state.
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The most unresolved problem of the day is precisely the problem that concerned the founders of this nation: how to limit the scope and power of government. Tyranny, restrictions on human freedom, come primarily from governmental restrictions that we ourselves have set up.
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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.
Milton Friedman
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One of the great mistakes is to judge policies and programs by their intentions rather than their results.
Milton Friedman
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History suggests that capitalism is a necessary condition for political freedom. Clearly it is not a sufficient condition.
Milton Friedman
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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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Rapid increases in the quantity of money produce inflation. Sharp decreases produce depression.
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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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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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They think that the cure to big government is to have bigger government... the only effective cure is to reduce the scope of government - get government out of the business.
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Only government can take perfectly good paper, cover it with perfectly good ink and make the combination worthless.
Milton Friedman
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Our emphasis here is based not only on the growing seriousness of drug-related crimes, but also on the belief that relieving our police and our courts from having to fight losing battles against drug use will enable their energies and facilities to be devoted more fully to combating other forms of crime.
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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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The euro is going to be a big source of problems, not a source of help.
Milton Friedman
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I do not believe there is a natural resource economics. I believe there is good economics and bad economics.
Milton Friedman
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My major problem with the world is a problem of scarcity in the midst of plenty ... of people starving while there are unused resources ... people having skills which are not being used.
Milton Friedman
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A crackpot theory. Instead of saying labor's exploited, as Marx did, Kelso says capital's exploited. It's worse than Marx. It's Marx stood on its head.
Milton Friedman
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Inflation is the one form of taxation that can be imposed without legislation.
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When you have a time of crisis what happens depends on what ideas are floating around, and what ideas have been developed, and thought through, and are made effective.
Milton Friedman