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
We do not influence the course of events by persuading people that we are right when we make what they regard as radical proposals. Rather, we exert influence by keeping options available when something has to be done at a time of crisis.
World trade depends on differences among countries, not similarities. Different countries are in different stages of development. It is appropriate for them to have different patterns, different policies for ecology, labor standards, and so forth.
Only a crisis—actual or perceived—produces real change. When that crisis occurs, the actions that are taken depend on the ideas that are lying around.
The Social Responsibility of Business is to Increase its Profits
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.
You can only make money if you buy a product, whatever it is - maybe a currency, maybe wheat and maybe something else - at a relatively low price and sell it at a higher price than you buy it at. There's no other way to make money.
We have a system that increasingly taxes work and subsidizes nonwork.
The only relevant test of the validity of a hypothesis is comparison of prediction with experience.
The Founding Fathers envisioned a federal government that trusts its people with their money and freedom, outlining this limited, non-intrusive federal government in...the Constitution, leaving the other powers to people...or to the states.
Richard Nixon was a very intelligent and able man. And he had the right ideas. But he did not have the adherence to principles that [Ronald] Reagan had. He did some very good things. We owe to Richard Nixon the volunteer army - he got rid of the draft. And that was a major increase in freedom.
Only a crisis - actual or perceived - produces real change. When that crisis occurs, the actions that are taken depend on the ideas that are lying around. That, I believe, is our basic function: to develop alternatives to existing policies, to keep them alive and available until the politically impossible becomes the politically inevitable.
Columbus did not seek a new route to the Indies in response to a majority directive.
Higher taxes never reduce the deficit. Governments spend whatever they take in and then whatever they can get away with.
The fall of the Berlin Wall did more for the progress of freedom than all of the books written by myself or Friedrich Hayek or others.