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
Most economic fallacies derive - from the tendency to assume that there is a fixed pie, that one party can gain only at the expense of another
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.
Of course, we'd like to have another one, ... Though wouldn't it be better if we learned that we could do without one?
We have a system that increasingly taxes work and subsidizes nonwork.
The future of private enterprise capitalism is also the future of a free society. There is no possibility of having a politically free society unless the major part of its economic resources are operated under a capitalistic private enterprise system.
Nobody spends somebody else's money as carefully as he spends his own.
To really understand something you've got to reduce it to its principles.
One of the great mistakes is to judge policies and programs by their intentions rather than their results.
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.
You must distinguish sharply between being pro free enterprise and being pro business.
Inflation is a monetary phenomenon. It is made by or stopped by the central bank.
Congress can raise taxes because it can persuade a sizable fraction of the populace that somebody else will pay
Most economic fallacies derive from the tendency to assume that there is a fixed pie, that one party can gain only at the expense of another.
The key insight of Adam Smith's Wealth of Nations is misleadingly simple: if an exchange between two parties is voluntary, it will not take place unless both believe they will benefit from it. Most economic fallacies derive from the neglect of this simple insight, from the tendency to assume that there is a fixed pie, that one party can gain only at the expense of another.