The Great Depression, like most other periods of severe unemployment, was produced by government mismanagement rather than by any inherent instability of the private economy.
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Quotes by Milton Friedman
Explore 25 verified and sourced quotes attributed to Milton Friedman. Open any quote for its dedicated page, source details and related topics.
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Selected quotes by Milton Friedman
There's no such thing as a free lunch.
If you put the federal government in charge of the Sahara Desert, in 5 years there'd be a shortage of sand.
So that the record of history is absolutely crystal clear. That there is no alternative way, so far discovered, of improving the lot of the ordinary people that can hold a candle to the productive activities that are unleashed by a free enterprise system.
The greatest advances of civilization, whether in architecture or painting, in science and literature, in industry or agriculture, have never come from centralized government.
We have a system that increasingly taxes work and subsidizes nonwork.
The government solution to a problem is usually as bad as the problem.
Indeed, a major source of objection to a free economy is precisely that it... gives people what they want instead of what a particular group thinks they ought to want. Underlying most arguments against the free market is a lack of belief in freedom itself.
Inflation is taxation without legislation.
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 only way that has ever been discovered to have a lot of people cooperate together voluntarily is through the free market. And that's why it's so essential to preserving individual freedom.
Nothing is so permanent as a temporary government program.
Concentrated power is not rendered harmless by the good intentions of those who create it.
The only relevant test of the validity of a hypothesis is comparison of prediction with experience.
The world runs on individuals pursuing their self interests. The great achievements of civilization have not come from government bureaus. Einstein didn't construct his theory under order from a, from a bureaucrat. Henry Ford didn't revolutionize the automobile industry that way.
Governments never learn. Only people learn.
Inflation is the one form of taxation that can be imposed without legislation.
History suggests that capitalism is a necessary condition for political freedom. Clearly it is not a sufficient condition.
Many people want the government to protect the consumer. A much more urgent problem is to protect the consumer from the government.
The most important single central fact about a free market is that no exchange takes place unless both parties benefit.
Well first of all, tell me, is there some society you know of that doesn't run on greed? You think Russia doesn't run on greed? You think China doesn't run on greed? What is greed?
Only government can take perfectly good paper, cover it with perfectly good ink and make the combination worthless.
And what does reward virtue? You think the communist commissar rewards virtue? You think a Hitler rewards virtue? You think, excuse me, if you'll pardon me, American presidents reward virtue? Do they choose their appointees on the basis of the virtue of the people appointed or on the basis of their political clout?
I am favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever it's possible.
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