Milton Friedman Quotes - Page 14

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• 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.

  Milton Friedman

  Omission, Historical, Banking

  Milton Friedman (2009). “Capitalism and Freedom: Fortieth Anniversary Edition”, p.45, University of Chicago Press

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• The true test of any scholar's work is not what his contemporaries say, but what happens to his work in the next 25 or 50 years.

  Milton Friedman

  Years, Tests, Next

  "The Power of Choice: The Life and Ideas of Milton Friedman". Documentary, January 29, 2007.

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• Economists may not know how to run the economy, but they know how to create shortages or gluts simply by regulating prices below the market, or artificially supporting them from above.

  Milton Friedman

  Running, May, Economy

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• That's an interesting paradox to think about. Make it legal and it's no good. Why? Because as long as it's illegal the people who come in do not qualify for welfare, they don't qualify for social security, they don't qualify for the other myriad of benefits that we pour out from our left pocket to our right pocket. So long as they don't qualify they migrate to jobs. They take jobs that most residents of this country are unwilling to take. They provide employers with the kind of workers that they cannot get. They're hard workers, they're good workers, and they are clearly better off.

  Milton Friedman

  Country, Jobs, Hard Work

  "Illegal Immigration: A Feature, Not A Bug, Said Milton Friedman" by Brian Doherty, reason.com. May 11, 2011.

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• The price works so well, so efficiently, that we are not aware of it most of the time.

  Milton Friedman

  Time, Military, War

  Milton Friedman, Rose Friedman (1990). “Free to Choose: A Personal Statement”, p.32, Houghton Mifflin Harcourt

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• Individual price and wage changes will not be prevented. In the main, price changes will simply be concealed by taking the form of changes in discounts, service, and quality, and wage changes, in overtime, perquisites and so on…. But to whatever extent the freeze is enforced, it will do harm by distorting relative prices.

  Milton Friedman

  Quality, Individual, Form

  Milton Friedman (1975). “There's no such thing as a free lunch”, Open Court Publishing Company

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• [T]he burden of government is not measured by how much it taxes, but by how much it spends.

  Milton Friedman

  Government, Investing, Burden

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• Reality ensures that the end of history will never come.

  Milton Friedman

  Reality, Ends

  Source: www.huffingtonpost.com

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• What's the difference? How can people be so inconsistent? Why is it that free immigration was a good thing before 1914 and free immigration is a bad thing today? Well, there is a sense in which that answer is right. There's a sense in which free immigration, in the same sense as we had it before 1914 is not possible today. Why not?

  Milton Friedman

  Differences, People, Why Not

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• If the US government spends 40 percent of the nation's income, as it does through either borrowing or taxes, that income is not available for people to spend. The deficit is an indirect method of taxation. Of course, politicians prefer to borrow instead of tax because then someone down the road has to deal with the consequences.

  Milton Friedman

  Government, People, Doe

  Source: www.huffingtonpost.com

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• If China don't free up the political side, its economic growth will come to an end - while it is still at a very low level.

  Milton Friedman

  Political, Growth, Levels

  Source: www.huffingtonpost.com

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• There is no good way of measuring poverty.

  Milton Friedman

  Way, Poverty, Measuring

  Source: www.pbs.org

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• My monetary studies have led me to the conclusion that central banks could profitably be replaced by computers geared to provide a steady rate of growth in the quantity of money. Fortunately for me personally, and for a select group of fellow economists, 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 honoured to receive.

  Milton Friedman

  Impact, Awards, Sweden

  Milton Friedman's Speech at the Nobel Banquet, www.nobelprize.org. December 10, 1976.

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• [Trade licensing] almost inevitably becomes a tool in the hands of a special producer group to maintain a monopoly position at the expense of the rest of the public. There is no way to avoid this result.

  Milton Friedman

  Hands, Special, Groups

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• The case against a fully independent central bank is strong indeed.

  Milton Friedman

  Strong, Independent, Cases

  Milton Friedman, Kurt R. Leube (1987). “The essence of Friedman”, Hoover Inst Pr

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• To the free man, the country is the collection of individuals who compose it, not something over and above them.

  Milton Friedman

  Country, Men, Individual

  Milton Friedman (2009). “Capitalism and Freedom: Fortieth Anniversary Edition”, p.1, University of Chicago Press

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• I'd like to promote lots of things. I'd like to promote elimination of drug prohibition. I'd like to promote parental choice in education through vouchers. Those are two things I think are very urgent and important. They're both more important than the harm which Social Security will do.

  Milton Friedman

  Thinking, Two, Choices

  Source: rightwingnews.com

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• The big issue is whether the United States will succeed in its venture of reshaping the Middle East. It is not clear to me that using military force is the way to do it. We should not have gone into Iraq. But we have.

  Milton Friedman

  Military, Iraq, Issues

  Source: www.huffingtonpost.com

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• The one thing that’s missing, but that will soon be developed, is a reliable e-cash, a method whereby on the Internet you can transfer funds from A to B, without A knowing B or B knowing A.

  Milton Friedman

  Knowing, Missing, Cash

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• The Great Depression in the United States, far from being a sign of the inherent instability of the private enterprise system, is a testament to how much harm can be done by mistakes on the part of a few men when they wield vast power over the monetary system of the country.

  Milton Friedman

  Country, Mistake, Men

  Milton Friedman (2009). “Capitalism and Freedom: Fortieth Anniversary Edition”, p.50, University of Chicago Press

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• No major institution in the US has so poor a record of performance over so long a period as the Federal Reserve, yet so high a public reputation.

  Milton Friedman

  Long, Records, Reputation

  1988 'The Fed Has No Clothes', in The Wall Street Journal,15 Apr.

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• "Free markets" is a very general term. There are all sorts of problems that will emerge. Free markets work best when the transaction between two individuals affects only those individuals. Most often, a transaction between you and me affects a third party. That is the source of all problems for government. That is the source of all pollution problems, of the inequality problem. This reality ensures that the end of history will never come.

  Milton Friedman

  Party, Reality, Government

  Source: www.huffingtonpost.com

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• I think there is universal agreement within the economics profession that the decline - the sharp decline in the quantity of money played a very major role in producing the Great Depression.

  Milton Friedman

  Thinking, Agreement, Roles

  Source: www.pbs.org

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• When you have a time of crisis what happens depends on what ideas are floating around, and what ideas have been developed, and thought through, and are made effective.

  Milton Friedman

  Ideas, Floating, Times Of Crisis

  Source: www.pbs.org

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• We had much freer trade in the 19th century. We have much less globalization now than we did then.

  Milton Friedman

  Globalization, Century, Trade

  Source: www.huffingtonpost.com

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