| 50 of 105 results found for - "Milton Friedman" |
[Quote No.19937] Need Area: Mind > Learn
"The construction of hypotheses is a creative act of, intuition, invention [and imagination]; its essence is the vision of something new in familiar material." - Milton Friedman
(1912 - ) American economist
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[Quote No.30217] Need Area: Mind > Learn
"The only relevant test of the validity of a hypothesis is comparison of prediction with experience." - Milton Friedman
(1912 – 2006), American Nobel Laureate economist and author, who strongly advocated the political, personal and economic benefits of free markets.
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[Quote No.33053] Need Area: Money > Income
"The government first provides very poor schooling, and then the harm is multiplied by the minimum wage law, which makes it difficult ... to get on-the-job training. Without the minimum wage law, the least skilled could offer to work for low wages, which would provide an incentive for employers to hire and train them. [Don't forget an employee needs to produce revenue of about twice their wages to make their jobs viable. Then as their knowledge, productivity and ability to produce revenue for the company improves so can their wages.]" - Milton Friedman
(1912 – 2006), American economist, statistician, public intellectual, and a recipient of the Nobel Memorial Prize in Economics. Quote from 'U.S. News & World Report', published March 7, 1977.
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[Quote No.29030] Need Area: Money > Tax
"If you let the government [politicians and bureaucrats with a regulate and tax mentality, rather than free-market business-people] run the Sahara Desert, soon there will be a shortage of sand." - Milton Friedman
(1912 – 2006), Famous American economist. In 1976, he was awarded the Nobel Memorial Prize in Economic Sciences for his achievements. He was arguably the twentieth century's most prominent economist advocate of free markets.
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[Quote No.30210] Need Area: Money > Tax
"I am in favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever it's possible." - Milton Friedman
(1912 – 2006), American Nobel Laureate economist and author, who strongly advocated the political, personal and economic benefits of free markets.
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[Quote No.33570] Need Area: Money > Tax
"Inflation [due to uneconomically wise government policies usually to favour a political faction] is the one form of taxation that can be imposed without legislation." - Milton Friedman
Famous economist
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[Quote No.36611] Need Area: Money > Tax
"Congress [or any government] can raise taxes because it can persuade a sizable fraction of the populace that somebody else will pay." - Milton Friedman
US economist
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[Quote No.40757] Need Area: Money > Tax
"Thank heavens we do not get all of the government that we are made to pay for [through our taxes. The average voter that asks for more government intervention, doesn't know enough economic history, because, even more dangerous and debilitating than a larger tax burden is a larger government with more responsibilities to the people. Economic theory and history has shown that government public service is much less efficient and effective than private service at meeting people's needs. Therefore the more responsibilities government takes on the less well the citizenry is served and the more money in taxes it costs them]." - Milton Friedman
winner Nobel Prize for Economics, 1976
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[Quote No.40801] Need Area: Money > Tax
"[Politicians and voters should remember that every cent that the government spends on a citizen has to be taken from another citizen] There’s No Such Thing As A Free Lunch [TNSTAAFL].
" - Milton Friedman
winner Nobel Prize for Economics, 1976
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[Quote No.40808] Need Area: Money > Tax
"You cannot help the poor by destroying the rich!" - Milton Friedman
winner Nobel Prize for Economics, 1976
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[Quote No.41415] Need Area: Money > Tax
"[Government takes money, mostly as taxes, from society and then spends it. It is notoriously a very inefficient spender - usually involving more people and forms than necessary and costing more than comparably sized private service providers. Why is this?] Nobody spends somebody else's money as carefully as he spends his own. Nobody uses somebody else's resources as carefully as he uses his own." - Milton Friedman
Famous American economist, who in 1976 won the Nobel Prize for Economics.
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[Quote No.44245] Need Area: Money > Tax
"Inflation is taxation without representation." - Milton Friedman
(1912-2006) Nobel Prize-winning economist and economic advisor to US President Ronald Reagan.
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[Quote No.55545] Need Area: Money > Tax
"Inflation is the one form of taxation that can be imposed without legislation." - Milton Friedman
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[Quote No.61928] Need Area: Money > Tax
"There's been one underlying basic fallacy in this whole set of social security and welfare measures [high tax and spend to redistribute], and that is the fallacy - this is at the bottom of it - the fallacy that it is feasible and possible to do good with other people's money. That view has two flaws. If I want to do good with other people's money, I first have to take it away from them. That means that the welfare state philosphy of doing good with other people's money, at it's very bottom, is a philosophy of violence and coercion. It's against freedom, because I have to use force to get the money. In the second place, very few people spend other people's money as carefully as they spend their own." - Milton Friedman
Famous 20th century economist
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[Quote No.67457] Need Area: Money > Tax
"Inflation is taxation without legislation!" - Milton Friedman
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[Quote No.28988] Need Area: Money > Invest
"Inflation is always and everywhere a monetary phenomenon." - Milton Friedman
Famous economist
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[Quote No.32759] Need Area: Money > Invest
"The Great Depression, like most other periods of severe unemployment [and economic recession], was produced by government mismanagement [both before and after the great stock market crash of 1929] rather than by any inherent instability of the private economy. [It is extraordinary but not unexpected that government and politicians have reinterpreted history to the masses to make themselves the heroes through their financial support for the population after the crash rather than being the villans whose short-sighted, self-serving and inept policies and regulations enabled it in the first place.]" - Milton Friedman
(1912 – 2006), American economist, statistician, public intellectual, and a recipient of the Nobel Memorial Prize in Economics. From his book, 'Capitalism and Freedom', published in 1962.
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[Quote No.34042] Need Area: Money > Invest
"Inflation is always and everywhere a monetary [supply] phenomenon [but if the velocity of money is low, due to fear or deleveraging, inflation may lie deceptively dormant awaiting its opportunity to ravage value]." - Milton Friedman
Nobel Prize winning economist
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[Quote No.38283] Need Area: Money > Invest
"The elementary truth is that the Great Depression was produced by government mismanagement [of money]. It was not produced by the failure of private enterprise [and free market capitalism]." - Milton Friedman
Famous American economist
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[Quote No.41418] Need Area: Money > Invest
"There are severe limits to the good that the government can do for the economy, but there are almost no limits to the harm it can do." - Milton Friedman
Famous economist, who won the 1976 Nobel Prize for economics.
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[Quote No.44206] Need Area: Money > Invest
"There is no limit to the extent to which the Bank of Japan can increase the money supply if it wishes to do so. Higher monetary growth [of the money supply - so long as the velocity of money does not fall] will have the same effect as always. After a year or so, the economy will expand more rapidly; output will grow, and after another delay, inflation will increase moderately." - Milton Friedman
Famous economist. Quote from 1997 on the Bank of Japan's monetary policy following Japan's deflationary spiral of the early 1990s.
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[Quote No.44246] Need Area: Money > Invest
"Inflation is taxation without representation!" - Milton Friedman
(1912-2006) Nobel Prize-winning economist and economic advisor to US President Ronald Reagan.
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[Quote No.50161] Need Area: Money > Invest
"Central bankers always try to avoid their last big mistake. So every time there's the threat of a contraction in the economy, they'll over stimulate the economy, by printing too much money. The result will be a rising roller coaster of inflation, with each high and low being higher than the preceding one." - Milton Friedman
(1912 - 2006), Nobel Prize-winning economist and economic advisor to US President Ronald Reagan.
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[Quote No.57204] Need Area: Money > Invest
"The Great Depression, like most other periods of severe unemployment, was produced by government mismanagement rather than by any inherent instability of the private economy. ... Roosevelt's policies were very destructive. Roosevelt's policies made the depression longer and worse than it otherwise would have been." - Milton Friedman
(1912-2006) Nobel Prize-winning economist and economic advisor to US President Ronald Reagan.
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[Quote No.68199] Need Area: Money > Invest
"Economics as a positive science is a body of tentatively accepted generalizations about economic phenomena that can be used to predict the consequences of changes in circumstances." - Milton Friedman
Essays in Positive Economics [1953]
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[Quote No.69512] Need Area: Money > Invest
"Fundamentally, there are only two ways of coordinating the economic activities of millions. One is central direction involving the use of coercion [force] -- the technique of the army and of the modern totalitarian state. The other is voluntary cooperation of individuals [freedom and informed choice] -- the technique of the market place." - Milton Friedman
Capitalism and Freedom [1962]
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[Quote No.8981] Need Area: Money > General
"Money is whatever is generally accepted in exchange for goods and services accepted not as an object to be consumed but as an object that represents a temporary abode of purchasing power to be used for buying still other goods and services.
" - Milton Friedman
Famous economist, quoted in 'Money Mischief: Episodes in Monetary History', 1992, p. 16.
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[Quote No.24233] Need Area: Money > General
"There's no such thing as a free lunch. (Also known by the acronym TNSTAAFL or TANSTAAFL.)" - Milton Friedman
Famous economist. Initially coined by sci-fi writer Robert Heinlein in his 1966 novel, 'The Moon Is a Harsh Mistress.'
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[Quote No.30209] Need Area: Money > General
"Underlying most arguments against the free market [and free enterprise] is a lack of belief in freedom itself." - Milton Friedman
(1912 – 2006), American Nobel Laureate economist and author, who strongly advocated the political, personal and economic benefits of free markets.
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[Quote No.30211] Need Area: Money > General
"Inflation is the one form of taxation that can be imposed without legislation. [Inflation is taxation without legislation.] " - Milton Friedman
(1912 – 2006), American Nobel Laureate economist and author, who strongly advocated the political, personal and economic benefits of free markets.
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[Quote No.30212] Need Area: Money > General
"Many people want the government to protect the consumer. A much more urgent problem is to protect the consumer from the government." - Milton Friedman
(1912 – 2006), American Nobel Laureate economist and author, who strongly advocated the political, personal and economic benefits of free markets.
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[Quote No.30215] Need Area: Money > General
"The Great Depression, like most other periods of severe unemployment, was produced by government mismanagement rather than by any inherent instability of the private economy." - Milton Friedman
(1912 – 2006), American Nobel Laureate economist and author, who strongly advocated the political, personal and economic benefits of free markets.
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[Quote No.30216] Need Area: Money > General
"The problem of social organization is how to set up an arrangement under which greed will do the least harm, capitalism is that kind of a system." - Milton Friedman
(1912 – 2006), American Nobel Laureate economist and author, who strongly advocated the political, personal and economic benefits of free markets.
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[Quote No.31336] Need Area: Money > General
"The most important single central fact about a free market [capitalism] is that no exchange takes place unless both parties benefit [win-win]." - Milton Friedman
Famous economist
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[Quote No.31925] Need Area: Money > General
"[In response to the argument that capitalism is about greed, the famous economist Milton Friedman said this:] Well first of all tell me, is there some society you know that doesn't run on greed? You think Russia doesn't run on greed? You think China doesn't run on greed? What is greed? Of course none of us are greedy [We are only looking after our own interests]. It's only the other fella that's greedy. The world runs on individuals pursuing their separate interests. The greatest achievements of civilization have not come from government bureaus. Einstein didn't construct his theory under order from a bureaucrat. Henry Ford didn't revolutionize the automobile industry that way. In the only cases in which the masses have escaped from the kind of grinding poverty that you are talking about, the only cases in recorded history are where they have had capitalism and largely free trade. If you want to know where the masses are worst off, it's exactly in the kind of societies that depart from that.
So that the record of history is absolutely crystal clear, there is no alternative way, so far discovered, of improving the lot of the ordinary people that can hold a candle to the productive activities that are unleashed by a free enterprise system.
[In response to the further argument that capitalism doesn't reward virtue:]
And what does reward virtue? You think the Communist commissar rewards virtue? You think a Hitler rewards virtue? Do you think... American presidents reward virtue? Do they choose their appointees on the basis of the virtue of the people appointed or on the basis of political clout? Is it really true that political self-interest is nobler somehow than economic self-interest? [Don't both politicians and capitalists have to serve the needs of people? The more people they serve the better either of them do. But only business people do it with their own money. This makes them much more effective or else market competition or the law, in cases of fraud, very quickly removes them from positions of responsibility. The meritocracy that competitive, free market capitalism creates, ensures that the most able and dedicated servants to the consumer get and keep their positions of power and only for as long as the daily voting by the consuming public allows, rather than the four yearly voting for politicians. The truly successful capitalists realise they only succeed when they help others. Therefore the more they help others the more they help themselves. Therefore this so called 'capitalist greed', if it doesn't break the rules of morality or law, is a power for good in the world as it is one of the few ways free societies have found to get people to help others they don't know, consistently and with enthusiasm.]" - Milton Friedman
Famous economist
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[Quote No.32708] Need Area: Money > General
"Fundamentally, there are only two ways of coordinating the economic activities of millions. One is central direction involving the use of coercion – the technique of the army and of the modern totalitarian state. The other is voluntary cooperation of individuals – the technique of the marketplace." - Milton Friedman
Famous economist.
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[Quote No.35244] Need Area: Money > General
"[All governments, bureaucrats, regulators and most importantly voters should remember that...] Concentrated power is not rendered harmless by the good intentions of those who create it. [Rarely are a few individuals - i.e. representational democracy - as wise or as incorruptable as a large number of people - i.e. true democracy! This is why free markets, including share markets, are preferred by most people, especially economists, to 'planned' economies.]" - Milton Friedman
Famous economist
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[Quote No.35512] Need Area: Money > General
"There's only one place where inflation is made: that's Washington [Government].... In response to pressures from people at large ... the voting public ... ask their Congressmen [local political representative] to enact goodies in the form of spending, but they are unhappy about having taxes raised [on themselves - others especially the 'middle class' or 'rich' is fine] to pay for those goodies." - Milton Friedman
Famous economist. Quote from 'U.S. News & World Report', March 7, 1977.
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[Quote No.36029] Need Area: Money > General
"Underlying most arguments against the free market is a lack of belief in freedom itself." - Milton Friedman
[1912 - 2006], famous and influencial American economist.
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[Quote No.40343] Need Area: Money > General
"The key insight of Adam Smith's Wealth of Nations is misleadingly simple: if an exchange between two parties is voluntary, it will not take place unless both believe they will benefit from it. Most economic fallacies derive from the neglect of this simple insight, from the tendency to assume that there is a fixed pie, that one party can gain only at the expense of another." - Milton Friedman
(1912-2006) Nobel Prize-winning economist and economic advisor to President Ronald Reagan. Source: 'Free to Choose' (1990). Ch. 1 'The Power of the Market', page 13.
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[Quote No.42778] Need Area: Money > General
"Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output... A steady rate of monetary growth at a moderate level can provide a framework under which a country can have little inflation and much growth. It will not produce perfect stability; it will not produce heaven on earth; but it can make an important contribution to a stable economic society. [At his recommended low annual growth rate of about 3-4%, more or less - depending on that country’s sustainable, natural growth rate for its stage of industrial development, productivity growth, population growth and demographics - the money supply could still be backed by gold, which only increases at about 3% a year from mining. But the primary rationale for gold–backing is to limit irresponsible, politically-motivated government deficit spending and concomitant printing and a monetary rule of steady but limited increase in the money supply provides the same limit so long as it is not broken under government pressure to increase fiscal deficit spending by getting the Treasury to sell bonds-loans to the Federal Reserve (central bank) and them paying for them by ‘printing’ money or its digital equivalent. This limit to government power by limiting borrowing in this way to control inflation and boom-bust malinvestment is something most governments abhor so they bring out ‘naïve Keynesian’ economists to justify increasing government spending to increase aggregate demand once in a recession rather than realising that these rules would reduce their reckless, politically-motivated but dangerous political overspending and too low interest rates in the boom before the bust-recession and therefore the severity of the malinvestment and thereby the recessions’ corrective pain would be less and the economy’s growth smoother and easier to be profitably planned for by businesses and citizens.] " - Milton Friedman
(1912 – 2006), American economist, statistician, and author who taught at the University of Chicago for more than three decades. He was a recipient of the Nobel Memorial Prize in Economic Sciences. As a leader of the Chicago school of economics, he influenced the research agenda of the economics profession. A survey of economists ranked Friedman as the second most popular economist of the twentieth century behind John Maynard Keynes, and The Economist described him as 'the most influential economist of the second half of the 20th century...possibly of all of it.' Friedman's challenges to what he later called 'naive Keynesian' (as opposed to New Keynesian) theory began with his 1950s reinterpretation of the consumption function, and he became the main advocate opposing activist Keynesian government policies. In the late 1960s he described his own approach (along with all of mainstream economics) as using 'Keynesian language and apparatus' yet rejecting its 'initial' conclusions. During the 1960s he promoted an alternative macroeconomic policy known as 'monetarism'. He theorized there existed a 'natural' rate of unemployment, and argued that governments could increase employment above this rate (e.g., by increasing aggregate demand) only at the risk of causing inflation to accelerate. He argued that the Phillips curve was not stable and predicted what would come to be known as stagflation. Friedman argued that, given the existence of the Federal Reserve, a constant small expansion of the money supply was the only wise policy. Friedman was an economic adviser to conservative President Ronald Reagan. His political philosophy extolled the virtues of a free market economic system with minimal intervention. He once stated that his role in eliminating U.S. conscription was his proudest accomplishment, and his support for school choice led him to found The Friedman Foundation for Educational Choice. In his 1962 book 'Capitalism and Freedom', Friedman advocated policies such as a volunteer military, freely floating exchange rates, abolition of medical licenses, a negative income tax, and education vouchers. His ideas concerning monetary policy, taxation, privatization and deregulation influenced government policies, especially during the 1980s. His monetary theory influenced the Federal Reserve's response to the global financial crisis. Quote from ‘The Counter-Revolution in Monetary Theory’ (1970). [http://en.wikiquote.org/wiki/Milton_Friedman ]
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[Quote No.43620] Need Area: Money > General
"[In a publication titled 'Putting It Simply', the Boston Federal Reserve Bank, explained the US fiat currency: 'When you or I write a check there must be sufficient funds in our account to cover that check, but when the Federal Reserve writes a check, it is creating money (because there is no longer any backing by any commodity like gold or silver).' This power to create currency, money supply or quantity of money can be misused deliberately for socio-political and economic reasons.] The power to determine the quantity of money... is too important, too pervasive, to be exercised by a few people, however public-spirited, if there is any feasible alternative. There is no need for such arbitrary power... Any system which gives so much power and so much discretion to a few men, [such as the US does with the Federal Reserve banking system, so] that mistakes - excusable or not - can have such far reaching effects, is a bad system. It is a bad system to believers in freedom just because it gives a few men such power without any effective check by the body politic - this is the key political argument against an independent central bank." - Milton Friedman
(1912 - 2006), Nobel Prize-winning economist, economic advisor to President Ronald Reagan and author.
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[Quote No.47617] Need Area: Money > General
"Inflation is taxation without legislation." - Milton Friedman
Famous economist
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[Quote No.55546] Need Area: Money > General
"Inflation is the one form of taxation that can be imposed without legislation!" - Milton Friedman
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[Quote No.69513] Need Area: Work > Leadership
"Fundamentally, there are only two ways of coordinating the economic activities of millions. One is central direction involving the use of coercion [force] -- the technique of the army and of the modern totalitarian state. The other is voluntary cooperation of individuals [freedom and informed choice] -- the technique of the market place!" - Milton Friedman
Capitalism and Freedom [1962]
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[Quote No.58214] Need Area: Work > Sell
"Adam Smith's key insight was that both parties to an exchange can benefit and that, so long as cooperation is strictly voluntary, no exchange can take place unless both parties do benefit [win-win]." - Milton Friedman
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[Quote No.66946] Need Area: Work > Sell
"Adam Smith's key insight was that both parties to an exchange can benefit and that, so long as cooperation is [without fraud or force - ie honest and] strictly voluntary, no exchange can take place unless both parties do benefit." - Milton Friedman
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[Quote No.40802] Need Area: Property > General
"Nobody spends somebody else’s money as carefully as he spends his own. Nobody uses somebody else’s resources as carefully as he uses his own. So if you want efficiency and effectiveness, if you want knowledge to be properly utilized, you have to do it through the means of private property [competition and free markets rather than through public ownership, political largesse and government bureaucracy].
" - Milton Friedman
winner Nobel Prize for Economics, 1976
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[Quote No.43820] Need Area: Property > General
"When [as in socialism and communism] everybody owns something, nobody owns it, and nobody has a direct [responsibility, incentive and] interest in maintaining or improving its condition. That is why buildings in the Soviet Union - like public housing in the United states - look decrepit within a year or two of their construction. [Therefore the importance of capitalism's private property rights, which ensure someone is held responsible for the property and the wealth it contains but also that individual liberty is protected through each person's legal ability to own and therefore make choices about their own physical person and property.]" - Milton Friedman
Highly respected American economist. Quote from his book, 'Free to Choose: A Personal Statement'.
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[Quote No.8977] Need Area: Friends > General
"Freedom in economic arrangements is itself a component of freedom broadly understood, so economic freedom is an end in itself ... Economic freedom is also an indispensable means toward the achievement of political freedom." - Milton Friedman
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