Milton Friedman Quotes

A collection of quotes by Milton Friedman.

Milton Friedman (1912-2006) was an American economist and Nobel laureate, widely regarded as one of the most influential economists of the 20th century. Born in Brooklyn, New York, Friedman graduated from Rutgers University and later earned his PhD in economics from Columbia University.

Friedman's ideas had a profound impact on the field of economics, advocating for free-market capitalism and limited government intervention. He believed that individuals should have the freedom to make their own economic choices without excessive regulation or interference from the state. This perspective became known as monetarism, focusing on the importance of controlling monetary policy to stabilize the economy.

Throughout his career, Friedman wrote numerous books and articles, including his most notable work, "Capitalism and Freedom" (1962). He emphasized the role of free markets in promoting individual liberty and economic prosperity, arguing against government regulations and centralized control.

Friedman played a pivotal role in shaping economic policies, advising governments and advocating for market-oriented reforms. He served as an advisor to U.S. President Ronald Reagan and UK Prime Minister Margaret Thatcher, among others.

Milton Friedman's ideas sparked worldwide debate and had a lasting impact on the discipline of economics. His staunch advocacy for free-market capitalism and individual freedom made him one of the most influential economists of his time.

Most of the energy of political work is devoted to correctin

Most of the energy of political work is devoted to correcting the effects of mismanagement of government.

Milton Friedman

Universities exist to transmit knowledge and understanding o

Universities exist to transmit knowledge and understanding of ideas and values to students not to provide entertainment for spectators or employment for athletes.

Milton Friedman

Knowledge

Inflation is taxation without legislation.

Inflation is taxation without legislation.

Milton Friedman

Finance

The black market was a way of getting around government cont

The black market was a way of getting around government controls. It was a way of enabling the free market to work. It was a way of opening up, enabling people.

Milton Friedman

Government

The world runs on individuals pursuing their self interests.

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.

Milton Friedman

Government

The only relevant test of the validity of a hypothesis is co

The only relevant test of the validity of a hypothesis is comparison of prediction with experience.

Milton Friedman

Experience

The greatest advances of civilization, whether in architectu

The greatest advances of civilization, whether in architecture or painting, in science and literature, in industry or agriculture, have never come from centralized government.

Milton Friedman

Architecture

The Great Depression, like most other periods of severe unem

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

Government

If you put the federal government in charge of the Sahara De

If you put the federal government in charge of the Sahara Desert, in 5 years there'd be a shortage of sand.

Milton Friedman

Government

Well first of all, tell me, is there some society you know o

Well first of all, tell me, is there some society you know of 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?

Milton Friedman

Society

Only government can take perfectly good paper, cover it with

Only government can take perfectly good paper, cover it with perfectly good ink and make the combination worthless.

Milton Friedman

Good

There's no such thing as a free lunch.

There's no such thing as a free lunch.

Milton Friedman

Work

A major source of objection to a free economy is precisely t

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.

Milton Friedman

Freedom

So the question is, do corporate executives, provided they s

So the question is, do corporate executives, provided they stay within the law, have responsibilities in their business activities other than to make as much money for their stockholders as possible? And my answer to that is, no they do not.

Milton Friedman

Concentrated power is not rendered harmless by the good inte

Concentrated power is not rendered harmless by the good intentions of those who create it.

Milton Friedman

Power

Never try to walk across a river just because it has an aver

Never try to walk across a river just because it has an average depth of four feet.

Milton Friedman

Risk

What does it mean to say that government might have a respon

What does it mean to say that government might have a responsibility? Government can't have a responsibility any more than the business can. The only entities which can have responsibilities are people.

Milton Friedman

Responsibility

We have a system that increasingly taxes work and subsidizes

We have a system that increasingly taxes work and subsidizes nonwork.

Milton Friedman

Society

$If even a small fraction of the money we now spend on trying$

If even a small fraction of the money we now spend on trying to enforce drug prohibition were devoted to treatment and drug rehabilitation, in an atmosphere of compassion not punishment, the reduction in drug usage and in the harm done to users could be dramatic.

Milton Friedman

Drugs

Underlying most arguments against the free market is a lack

Underlying most arguments against the free market is a lack of belief in freedom itself.

Milton Friedman

Freedom