The benefits of a tariff are visible. Union workers can see they are "protected". The harm which a tariff does is invisible. It's spread widely. There are people that don't have jobs because of tariffs but they don't know it. Milton Friedman More Quotes by Milton Friedman More Quotes From Milton Friedman A crackpot theory. Instead of saying labor's exploited, as Marx did, Kelso says capital's exploited. It's worse than Marx. It's Marx stood on its head. Milton Friedman economy politics theory In this day and age, we need to revise the old saying to read, "Hell hath no fury like a bureaucrat scorned. Milton Friedman hell-hath-no-fury age needs Economists may not know how to run the economy, but they know how to create shortages or gluts simply by regulating prices below the market, or artificially supporting them from above. Milton Friedman economy may running The use of quantity of money as a target has not been a success. I'm not sure that I would as of today push it as hard as I once did. Milton Friedman target use today Significant changes in the growth rate of money supply, even small ones, impact the financial markets first. Then, they impact changes in the real economy, usually in six to nine months, but in a range of three to 18 months. Usually in about two years in the US, they correlate with changes in the rate of inflation or deflation." Milton Friedman significant-change real years We don't have a desperate need to grow. We have a desperate desire to grow. Milton Friedman desperate desire needs Unfortunately, unanimity is not always feasible. Milton Friedman unanimity The true test of any scholar's work is not what his contemporaries say, but what happens to his work in the next 25 or 50 years. Milton Friedman next tests years There is still a tendency to regard any existing government intervention as desirable, to attribute all evils to the market, and to evaluate new proposals for government control in their ideal form, as they might work if run by able, disinterested men free from the pressure of special interest groups. Milton Friedman evil running men George Stigler was a delightful correspondent. In a letter from London in 1948, after remarking on the inconvertibility of the pound and the inedible, still-rationed food, he concluded, "So here I am losing weight and gaining pounds. Milton Friedman weight here-i-am letters The price works so well, so efficiently, that we are not aware of it most of the time. Milton Friedman military time war What kind of society isn't structured on greed? Milton Friedman capitalist greed kind What would the people who sold us goods do with the money? They'd get dollars. What would they do with the dollars? Eat them?! Milton Friedman goods dollars people Everywhere, and at all times, economic progress has meant far more to the poor than to the rich. Milton Friedman economic rich progress 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. Milton Friedman economic political example That's an interesting paradox to think about. Make it legal and it's no good. Why? Because as long as it's illegal the people who come in do not qualify for welfare, they don't qualify for social security, they don't qualify for the other myriad of benefits that we pour out from our left pocket to our right pocket. So long as they don't qualify they migrate to jobs. They take jobs that most residents of this country are unwilling to take. They provide employers with the kind of workers that they cannot get. They're hard workers, they're good workers, and they are clearly better off. Milton Friedman hard-work jobs country Thanks to economists, all of us, from the days of Adam Smith and before right down to the present, tariffs are perhaps one tenth of one percent lower than they otherwise would have been. And because of our efforts, we have earned our salaries ten-thousand fold. Milton Friedman salary tariffs effort Individual price and wage changes will not be prevented. In the main, price changes will simply be concealed by taking the form of changes in discounts, service, and quality, and wage changes, in overtime, perquisites and so on…. But to whatever extent the freeze is enforced, it will do harm by distorting relative prices. Milton Friedman individual quality form It is my view that what is important is cutting government spending, however spending is financed. A so-called deficit is a disguised and hidden form of taxation. The real burden on the public is what government spends (and mandates others to spend). As I have said repeatedly, I would rather have government spend one trillion dollars with a deficit of a half a trillion than have government spend two trillion dollars with no deficit. Milton Friedman cutting government real Anybody who was easily converted was not worth converting. Milton Friedman converting
