The top 10 most inspiring quotes by Milton Friedman
- If you put the federal government in charge of the Sahara Desert, in 5 years there’d be a shortage of sand.
- 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.
- When government – in pursuit of good intentions – tries to rearrange the economy, legislate morality, or help special interests, the cost come in inefficiency, lack of motivation, and loss of freedom. Government should be a referee, not an active player.
- I am favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever it’s possible.
- 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.
- 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?
- Most economic fallacies derive from the tendency to assume that there is a fixed pie, that one party can gain only at the expense of another.
- Government has three primary functions. It should provide for military defense of the nation. It should enforce contracts between individuals. It should protect citizens from crimes against themselves or their property.
- I’m in favor of legalizing drugs. According to my values system, if people want to kill themselves, they have every right to do so. Most of the harm that comes from drugs is because they are illegal.
- The only relevant test of the validity of a hypothesis is comparison of prediction with experience.
Milton Friedman (1912–2006) was a highly influential American economist known for his strong advocacy of free-market capitalism. Born in Brooklyn, New York, he earned a Ph.D.
in economics from Columbia University in 1946. Friedman was a leading figure in the Chicago School of Economics, where he championed monetarism—the idea that the government’s control of the money supply is the primary driver of economic stability.
His seminal work, Capitalism and Freedom (1962), argued for limited government intervention in the economy, influencing global economic policy, especially in the late 20th century. Friedman received the Nobel Prize in Economics in 1976 for his contributions to consumption analysis, monetary history, and stabilization policy.
He also played a key role in popularizing the concept of school vouchers and was a prominent advisor to several U.S. presidents. Friedman’s ideas continue to shape economic thought and policy worldwide.
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