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
Milton Friedman quotes about
The broader and more influential organisations of businessmen have acted to undermine the basic foundation of the free market system they purport to represent and defend.
In this day and age, we need to revise the old saying to read, "Hell hath no fury like a bureaucrat scorned.
Personal freedom has grown greatly within China, and that will provoke ever more points of conflict between the individual and state.
I am myself persuaded, on the basis of extensive study of the historical evidence, that... the severity of each of the contractions - 1920-21, 1929-33, and 1937-38 - is directly attributable to acts of commission and omission by the Reserve authorities and would not have occurred under earlier monetary and banking arrangements.
Not all schooling is education nor all education, schooling.
It doesn't worry me a bit that China and Japan hold so much US debt. In a way, it seems foolish for them to do it because they get lower returns than they might elsewhere. But that is their business.
There's no point in comparing an actual, operating system with an ideal system that doesn't exist.
One of the great mistakes is to judge policies and programs by their intentions, rather than their results. We all know a famous road that is paved with good intentions. The people who go around talking about their 'soft heart,'-I admire them for the softness of their heart, but very often it extends to their head as well.
The preservation of liberty, not the promotion of efficiency, is the primary justification for private property. Efficiency is a happy, though not accidental, by-product - and a most important by-product because liberty could not have survived if it had not also produced affluence.
Anybody who was easily converted was not worth converting.
Every economist knows that minimum wages either do nothing or cause inflation and unemployment. That's not a statement, it's a definition.
...theories should be judged by their ability to predict events rather than by the realism of their assumptions.
John Lott documents how far 'politically correct' vested interests are willing to go to denigrate anyone who dares disagree with them. Lott has done us all a service by his thorough, thoughtful scholarly approach to a highly controversial issue.
Central bankers always try to avoid their last big mistake. So every time there's the threat of a contraction in the economy, they'll over stimulate the economy, by printing too much money. The result will be a rising roller coaster of inflation, with each high and low being higher than the preceding one.