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
Have all these countries found a genius like Greenspan? ... What the foreign experience suggests is, you don't need a genius. You just need someone willing to make fighting inflation his top priority.
Germany cannot get out of the euro. What it has to do, therefore, is make the economy more flexible - to eliminate the restrictions on prices, on wages and on employment; in short, the regulations that keep 10 percent of the German workforce unemployed.
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.
With some notable exceptions, businessmen favor free enterprise in general but are opposed to it when it comes to themselves.
There's no such thing as a free lunch.
The only relevant test of the validity of a hypothesis is comparison of prediction with experience.
When you argue for free markets, you are arguing against the trend.
You cannot simultaneously have free immigration and a welfare state.
The Great Depression in the United States was caused - I won't say caused, was enormously intensified and made far worse than it would have been by bad monetary policy.
Unfortunately, unanimity is not always feasible.
The Internet is the most effective instrument we have for globalization.
Rapid increases in the quantity of money produce inflation. Sharp decreases produce depression.
The lesson for Asia is; if you have a central bank, have a floating exchange rate; if you want to have a fixed exchange rate, abolish your central bank and adopt a currency board instead. Either extreme; a fixed exchange rate through a currency board, but no central bank, or a central bank plus truly floating exchange rates; either of those is a tenable arrangement. But a pegged exchange rate with a central bank is a recipe for trouble.
Every person shall be free to do good ' at his own expense.