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
The use of quantity of money as a target has not been a success. I'm not sure that I would as of today push it as hard as I once did.
The collapse of communism in essence added tens and tens of millions of people to the world labor supply, and the people who were added had previously been getting very low income, but they were not unskilled. Many of them were fairly well educated.
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.
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.
Unfortunately, unanimity is not always feasible.
The euro is going to be a big source of problems, not a source of help.
I am convinced that the minimum-wage law is the most anti-Negro law on our statute books in its effect, not its intent.
Money is a very powerful thing, which you hardly notice when it goes right, but which can create havoc when it goes wrong.
Socialism, in the traditional sense, meant government ownership and operation of the means of production. Outside of North Korea and a couple of other spots, no one in the world today would define socialism that way. That will never come back.
If you pay people not to work and tax them when they do, don't be surprised if you get unemployment.
The state of our educational system is a disgrace to our country. We have an elementary and secondary school system in which close to half of the youngsters never graduate properly. It's a disgrace that there is more illiteracy today than there was 100 years ago.
You never have real changes unless you have a time of crisis.
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.