BY Table of Contents
Milton Friedman won the 1976 Nobel Prize for his achievements in monetary history and theory, and for demonstrating the complexity of stabilization policy. He became the most influential economist of the second half of the twentieth century – and possibly the most misquoted.
A Chicago school libertarian who advised Barry Goldwater and Ronald Reagan, Friedman believed the Federal Reserve should be replaced by a computer algorithm, that drugs and prostitution should be legalized, and that school choice would fix American education. He worked right up until the age of 94. His final column appeared in newspapers the day following his death.
“Businessmen who talk this way are unwitting puppets of the intellectual forces that have been undermining the basis of a free society these past decades.”
– Milton Friedman, The New York Times, 1970
Milton Friedman Quotes on Greed
“Businessmen who talk this way are unwitting puppets of the intellectual forces that have been undermining the basis of a free society these past decades.”
– Milton Friedman, The New York Times
“Is there some society you know 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? Of course none of us are greedy. It’s only the other fellow who’s greedy. The world runs on individuals pursuing their separate interests.”
– Milton Friedman, The Phil Donahue Show
“Is it really nobler to pursue political self-interest than economic self-interest? Where in the world are we going to find these angels who are going to organize society for us?”
– Milton Friedman, The Phil Donahue Show
Milton Friedman Capitalism and Freedom Quotes
“A major source of objection to a free economy is precisely that it … gives people what they want instead of what a particular group thinks they ought to want. Underlying most arguments against the free market is a lack of belief in freedom itself.”
– Milton Friedman, Capitalism and Freedom
“I think that nothing is so important for freedom as recognizing in the law each individual’s natural right to property, and giving individuals a sense that they own something that they’re responsible for, that they have control over, and that they can dispose of.”
– Milton Friedman, Milton Friedman
“A society that puts equality before freedom will get neither. A society that puts freedom before equality will get a high degree of both.”
– Milton Friedman, Milton Friedman
“The great virtue of a free market system is that it does not care what color people are; it does not care what their religion is; it only cares whether they can produce something you want to buy. It is the most effective system we have discovered to enable people who hate one another to deal with one another and help one another.”
– Milton Friedman, Milton Friedman
“When unions get higher wages for their members by restricting entry into an occupation, those higher wages are at the expense of other workers who find their opportunities reduced. When government pays its employees higher wages, those higher wages are at the expense of the taxpayer. But when workers get higher wages and better working conditions through the free market, when they get raises by firm competing with one another for the best workers, by workers competing with one another for the best jobs, those higher wages are at nobody’s expense.”
– Milton Friedman, Free to Choose
“For example, the supporters of tariffs treat it as self-evident that the creation of jobs is a desirable end, in and of itself, regardless of what the persons employed do. That is clearly wrong. If all we want are jobs, we can create any number–for example, have people dig holes and then fill them up again, or perform other useless tasks. Work is sometimes its own reward. Mostly, however, it is the price we pay to get the things we want. Our real objective is not just jobs but productive jobs–jobs that will mean more goods and services to consume.”
– Milton Friedman, Why Government Is the Problem
Milton Friedman Famous Quotes
“One of the great mistakes is to judge policies and programs by their intentions rather than their results.”
– Milton Friedman, Milton Friedman
“Nothing is so permanent as a temporary government program.”
– Milton Friedman, Milton Friedman
“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. 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.”
– Milton Friedman, Forbes
“I am favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever it’s possible.”
– Milton Friedman, There’s No Such Thing as a Free Lunch
“Many people want the government to protect the consumer. A much more urgent problem is to protect the consumer from the government.”
– Milton Friedman, Bright Promises, Dismal Performance
“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, Tyranny of the Status Quo
“Nobody spends somebody else’s money as carefully as he spends his own. Nobody uses somebody else’s resources as carefully as he uses his own. So if you want efficiency and effectiveness, if you want knowledge to be properly utilized, you have to do it through the means of private property.”
– Milton Friedman, Milton Friedman on Economics
Milton Friedman Quotes on Inflation
“Inflation is caused by too much money chasing after too few goods.”
– Milton Friedman, Money Mischief
“Inflation is the one form of taxation that can be imposed without legislation.”
– Milton Friedman, Dollars and Deficits
Milton Friedman Quotes on Social Responsibility
“There is one and only one social responsibility of business
– to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud.”
– Milton Friedman, Capitalism and Freedom
Milton Friedman Quotes on Socialism
“Believers in aristocracy and socialism share a faith in centralized rule, in rule by command rather than by voluntary cooperation.”
– Milton Friedman, The Indispensable Milton Friedman
“After the fall of communism, everybody in the world agreed that socialism was a failure. Everybody in the world, more or less, agreed that capitalism was a success. And every capitalist country in the world apparently deduced from that what the West needed was more socialism.”
– Milton Friedman, Hoover Institution
“It is widely believed that politics and economics are separate and largely unconnected; that individual freedom is a political problem and material welfare an economic problem; and that any kind of political arrangements can be combined with any kind of economic arrangements. The chief contemporary manifestation of this idea is the advocacy of ‘democratic socialism’ by many who condemn out of hand the restrictions on individual freedom imposed by ‘totalitarian socialism’ in Russia, and who are persuaded that it is possible for a country to adopt the essential features of Russian economic arrangements and yet to insure individual freedom through political arrangements. [My] thesis … is that such a view is a delusion, that there is an intimate connection between economics and politics, that only certain combinations of political and economic arrangements are possible, and that in particular, a society which is socialist cannot also be democratic, in the sense of guaranteeing individual freedom.”
– Milton Friedman, Two Lucky People
“[I]t is very hard to achieve good objectives through bad means. … [T]he [welfare] programs have a[n] insidious effect on the moral fiber of both the people who administer the programs and the people who are supposedly benefiting from it. For the people who administer it, it instills in them a feeling of almost Godlike power. For the people who are supposedly benefiting, it instills a feeling of childlike dependence. Their capacity for personal decision-making atrophies. The result is that the programs involved are a misuse of money. They do not achieve the objectives which it was their intention to achieve. But far more important than this, they tend to rot away the very fabric that holds a decent society together.”
– Milton Friedman, Milton Friedman
“The essential notion of a capitalist society is voluntary cooperation and voluntary exchange. The essential notion of a socialist society is fundamentally force. If the government is the master, you ultimately have to order people what to do. Whenever you try to do good with somebody 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 by threat of force. You have a policeman, a tax collector who comes to take it away from them. Whenever you use force, the bad moral value of force triumphs over good intentions.”
– Milton Friedman, American Enterprise Institute
Final Thoughts
“Is there some society you know 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? Of course none of us are greedy. It’s only the other fellow who’s greedy. The world runs on individuals pursuing their separate interests.”
– Milton Friedman on The Phil Donahue Show, 1979
“Is it really nobler to pursue political self-interest than economic self-interest? Where in the world are we going to find these angels who are going to organize society for us?”
– Milton Friedman on The Phil Donahue Show, 1979