To the best of my knowledge, there has never been a monetary union, putting out a fiat currency, composed of independent states. Milton Friedman More Quotes by Milton Friedman More Quotes From Milton Friedman You never have real changes unless you have a time of crisis. Milton Friedman times-of-crisis crisis real We had much freer trade in the 19th century. We have much less globalization now than we did then. Milton Friedman globalization trade century I think in some ways it would make more sense to have as a poverty level a relative concept and say, the level of poverty is that level of income or that level of consumption below which 10 percent of the people now are. Milton Friedman income people thinking There is not a line in 'The Wealth of Nations' that is not still applicable to this day. Milton Friedman wealth lines stills If you continue to use monetary policy to attempt to promote full employment the result would be that you would have higher inflation, and that you would not have lower unemployment. Milton Friedman unemployment use would-be The major basis for my opposition to marijuana prohibition has not been how badly it's worked, the fact that it's produced much more harm than good - it has been primarily a moral reason: I don't think the state has any more right to tell me what to put into my mouth than it has to tell me what can come out of my mouth. Milton Friedman marijuana mouths thinking The history of mankind is the history of money losing value. Milton Friedman values mankind losing The invisible hand in politics operates in the opposite direction to the invisible hand in the market. Milton Friedman invisible-hand opposites hands Freedom means diversity but also mobility. It preserves the opportunity for today's disadvantaged to become tomorrow's privileged and, in the process, enables almost everyone, from top to bottom, to enjoy a fuller and richer life. Milton Friedman diversity opportunity mean We economists don't know much, but we do know how to create a shortage. If you want to create a shortage of tomatoes, for example, just pass a law that retailers can't sell tomatoes for more than two cents per pound. Instantly you'll have a tomato shortage. It's the same with oil or gas. Milton Friedman oil law two Economists may not know much. But we know one thing very well: how to produce surpluses and shortages. Do you want a surplus? Have the government legislate a minimum price that is above the price that would otherwise prevail. That is what we have done at one time or another to produce surpluses of wheat, of sugar, of butter, of many other commodities. Do you want a shortage? Have the government legislate a maximum price that is below the price that would otherwise prevail. Milton Friedman government want may There is no other complex field in our society in which do-it-yourself beats out factory production or market production. Nobody makes his or her own car. But it is still the case that parents can perform the job of educating their children [homeschooling], in many cases better than our present education system. Milton Friedman car jobs children There is no figure who had more of an influence, no person had more of an influence on the intellectuals behind the Iron Curtain than Friedrich Hayek. His books were translated and published by the underground and black market editions, read widely, and undoubtedly influenced the climate of opinion that ultimately brought about the collapse of the Soviet Union. Milton Friedman iron black book How do you hold down government spending? Milton Friedman government-spending spending government My interest in political philosophy was rather casual until I met Hayek. Milton Friedman hayek political philosophy Few trends could so thoroughly undermine the very foundations of our free society as the acceptance by corporate officials of a social responsibility other than to make as much money for their stockholders as possible. Milton Friedman foundation responsibility acceptance 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. Milton Friedman important people needs Economics has become increasingly an arcane branch of mathematics rather than dealing with real economic problems. Milton Friedman branches problem real For one thing, there are many "inventions" that are not patentable. The "inventor" of the supermarket, for example, conferred great benefits on his fellowmen for which he could not charge them. Insofar as the same kind of ability is required for the one kind of invention as for the other, the existence of patents tends to divert activity to patentable inventions. Milton Friedman patents benefits example I am myself persuaded, on the basis of extensive study of the historical evidence, that... the severity of each of the contractions - 1920-21, 1929-33, and 1937-38 - is directly attributable to acts of commission and omission by the Reserve authorities and would not have occurred under earlier monetary and banking arrangements. Milton Friedman banking omission historical
