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
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
A major source of objection to a free economy is precisely that group thinks they ought to want. Underlying most arguments against the free market is a lack of belief in freedom itself.
I know of no example in time or place of a society that has been marked by a large measure of political freedom, and that has not also used something comparable to a free market to organize the bulk of economic activity.
Everywhere, and at all times, economic progress has meant far more to the poor than to the rich.
I do not believe there is a natural resource economics. I believe there is good economics and bad economics.
Is it really true that political self-interest is nobler somehow than economic self-interest?
Inflation is always and everywhere a monetary phenomenon.
[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.
Nobody spends somebody else's money as carefully as he spends his own.
Society doesn't have values. People have values.
The future of private enterprise capitalism is also the future of a free society. There is no possibility of having a politically free society unless the major part of its economic resources are operated under a capitalistic private enterprise system.
There's no such thing as a free lunch.
When a man spends his own money to buy something for himself,he is very careful about how much he spends and how he spends it.When a man spends his own money to buy something for someone else,he is still very careful about how much he spends, but somewhatless what he spends it on. When a man spends someone else's moneyto buy something for himself, he is very careful about what hebuys, but doesn't care at all how much he spends. And when a manspends someone else's money on someone else, he doesn't care howmuch he spends or what he spends it on. And that's governmentfor you.