Milton Friedman
Milton Friedman
Milton Friedmanwas an American economist who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy. With George Stigler and others, Friedman was among the intellectual leaders of the second generation of Chicago price theory, a methodological movement at the University of Chicago's Department of Economics, Law School, and Graduate School of Business from the 1940s onward. Several students and young professors that were recruited...
NationalityAmerican
ProfessionHistorian
Date of Birth31 July 1912
CityBrooklyn, NY
CountryUnited States of America
What central banks can control is a base and one way they can control the base is via manipulating a particular interest rate, such as a Federal Funds rate, the overnight rate at which banks lend to one another. But they use that control to control what happens to the quantity of money. There is no disagreement.
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.
For one thing, there are many "inventions" that are not patentable. The "inventor" of the supermarket, for example, conferred great benefits on his fellowmen for which he could not charge them. Insofar as the same kind of ability is required for the one kind of invention as for the other, the existence of patents tends to divert activity to patentable inventions.
The stock market and economy are two different things.
There is not a line in 'The Wealth of Nations' that is not still applicable to this day.
A society that aims for equality before liberty will end up with neither equality nor liberty. And a society that aims first for liberty will not end up with equality, but it will end up with a closer approach to equality than any other kind of system that has ever been developed.
My monetary studies have led me to the conclusion that central banks could profitably be replaced by computers. Fortunately, for me personally, that conclusion has had no practical impact, else there would have been no Central Bank of Sweden to have established the award [Nobel Prize] I am honored to receive.
Every person shall be free to do good ' at his own expense.
Germany's problem, in part, is that it went into the euro at the wrong exchange rate that overvalued the deutsche mark.
A free society releases the energies and abilities of people to pursue their own objectives. It prevents some people from arbitrarily suppressing others. It does not prevent some people from achieving positions of privilege, but so long as freedom is maintained, it prevents those positions of privilege from becoming institutionalized; they are subject to continued attack by other able, ambitious people.
One of the reasons that I am in favor of less government is because when you have more government, industrialists take it over.
Politicians will always spend every penny of tax raised and whatever else they can get away with.
The euro is going to be a big source of problems, not a source of help.
The only corporate social responsibility a company has is to maximize its profits.