No major institution in the US has so poor a record of performance over so long a period as the Federal Reserve, yet so high a public reputation. Milton Friedman More Quotes by Milton Friedman More Quotes From Milton Friedman Keynes was a great economist. In every discipline, progress comes from people who make hypotheses, most of which turn out to be wrong, but all of which ultimately point to the right answer. Now Keynes, in 'The General Theory of Employment, Interest and Money,' set forth a hypothesis which was a beautiful one, and it really altered the shape of economics. But it turned out that it was a wrong hypothesis. That doesn't mean that he wasn't a great man! Milton Friedman beautiful men mean Pick at random any three letters from the alphabet, put them in any order, and you will have an acronym designating a federal agency we can do without. Milton Friedman agency three order What most people really object to when they object to a free market is that it is so hard for them to shape it to their own will. The market gives people what the people want instead of what other people think they ought to want. At the bottom of many criticisms of the market economy is really lack of belief in freedom itself. Milton Friedman giving people thinking Legalizing drugs would simultaneously reduce the amount of crime and raise the quality of law enforcement. Can you conceive of any other measure that would accomplish so much to promote law and order? Milton Friedman alcohol law order The word 'free' is used three times in the Declaration of Independence and once in the First Amendment to the Constitution, along with 'freedom.' The word 'fair' is not used in either of our founding documents. Milton Friedman independence three firsts Why is it that private insurance companies are not in trouble because people are getting older? Aren't they subject to the same demographics? The difference is that they've accumulated a fund, not a pay-in, pay-out system. Milton Friedman getting-older differences people A society based on the freedom to choose is better than a society based on the principles of socialism, communism and coercion. Milton Friedman liberty principles coercion 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 punishment drug compassion I am in favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever it's possible. ... because I believe the big problem is not taxes, the big problem is spending. Milton Friedman cutting believe thinking Nobody spends somebody else's money as carefully as he spends his own. Milton Friedman economy-and-economics market-economy free-market And what does reward virtue? You think the communist commissar rewards virtue? You think a Hitler rewards virtue? You think, excuse me, if you'll pardon me, American presidents reward virtue? Do they choose their appointees on the basis of the virtue of the people appointed or on the basis of their political clout? Milton Friedman political people thinking 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. Milton Friedman taken real lying 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 understanding athlete ideas Self-interest is not myopic selfishness. It is whatever it is that interests the participants, whatever they value, whatever goals they pursue. The scientist seeking to advance the frontiers of his discipline, the missionary seeking to convert infidels to the true faith, the philanthropist seeking to bring comfort to the needy - all are pursuing their interests, as they see them, as they judge them by their own values. Milton Friedman discipline goal self Americans know very little about social statistics, but I am not sure that it's important that Americans know about social statistics. Milton Friedman statistics important littles To really understand something you've got to reduce it to its principles. Milton Friedman principles The broader and more influential organisations of businessmen have acted to undermine the basic foundation of the free market system they purport to represent and defend. Milton Friedman influential foundation businessman Whenever you try to do good with someone else's money, you are committed to using force. How can you do good with somebody else's money, unless you first take it away from them? The only way you can take it away from them is the threat of force: you have a policeman, tax collector, who comes and takes it from them. Milton Friedman trying way firsts See, if you look at the drug war from a purely economic point of view, the role of the government is to protect the drug cartel. That's literally true. Milton Friedman drug-cartels government war The great virtue of a free market is that it enables people who hate each other, or who are from vastly different religious or ethnic backgrounds, to cooperate economically. Government intervention can't do that. Milton Friedman government hate religious
