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
It all would have been much better if individuals saved for their own old age.
Americans know very little about social statistics, but I am not sure that it's important that Americans know about social statistics.
If you continue to use monetary policy to attempt to promote full employment the result would be that you would have higher inflation, and that you would not have lower unemployment.
Germany has a very able and productive workforce. It has high-quality products that are valued all over the world. It has every opportunity to be a productive, growing state. It just has to give its entrepreneurs a chance. It has to let them make money, hire and fire, and act like entrepreneurs.
The true test of any scholar's work is not what his contemporaries say, but what happens to his work in the next twenty-five or fifty years. And the thing that I will really be proud of is if some of the work I have done is still cited in the text books long after I am gone.
Is it really true that political self-interest is nobler somehow than economic self-interest?
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?
Saying it is one thing. Doing it is very different.
There's a smokestack on the back of every government program.
Inflation is always and everywhere a monetary phenomenon.
Inflation is taxation without legislation.
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.
[U]nemployment is ... a side effect of the cure for inflation.
If you do not force political freedom, economic freedom will be stymied sooner or later.