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
But on the other hand, if you come under circumstances where each person is entitled to a pro-rata share of the pot, to take an extreme example, or even to a low level of the pie, than the effect of that situation is that free immigration, would mean a reduction of everybody to the same, uniform level. Of course, I'm exaggerating, it wouldn't go quite that far, but it would go in that direction. And it is that perception, that leads people to adopt what at first seems like inconsistent values.
People who intend only to serve public interest are led by invisible hand to private interest which was no part of their intention.
[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.
The invisible hand in politics operates in the opposite direction to the invisible hand in the market.
Our minds tell us, and history confirms, that the great threat to freedom is the concentration of power. Government is necessary to preserve our freedom, it is an instrument through which we can exercise our freedom; yet by concentrating power in political hands, it is also a threat to freedom. Even though the men who wield this power initially be of good will and even though they be not corrupted by the power they exercise, the power will both attract and form men of a different stamp.
The combination of economic and political power in the same hands is a sure recipe for tyranny.
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.
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
I strongly urge the voters of Colorado to reject Referendum C, or any action that would suspend Colorado's Taxpayers Bill of Rights. I strongly favor the continued and uninterrupted use of TABOR, including it's so called ratchet mechanism. The ratchet is one of the best features of TABOR. It is the only thing that will reduce out-of-control government spending.
Have all these countries found a genius like Greenspan? ... What the foreign experience suggests is, you don't need a genius. You just need someone willing to make fighting inflation his top priority.
One thing you can say about Lew, he is persistent. And he's consistent as well as persistent. He has a well-based position which he's figured out, and he sticks to it.
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.
Of course, we'd like to have another one, ... Though wouldn't it be better if we learned that we could do without one?
Every businessman is in favor of freedom for everybody else, but when it comes to himself that's a different question. He's always the special case. He ought to get special privileges from the government, a tariff, this, that and the other thing.