Top 300 Milton Friedman Quotes (2024 Update)
Page 2 of 7

51. “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

52. “When something goes wrong, the natural tendency is to say, “By God, we need to pass a law and do something.””

— Milton Friedman

53. “Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output.”

— Milton Friedman

54. “Higher taxes never reduce the deficit. Governments spend whatever they take in and then whatever they can get away with.”

— Milton Friedman

55. “Hell hath no fury like a bureaucrat scorned.”

— Milton Friedman

56. “The facts never speak for themselves. They have to be interpreted in terms of some understanding of where they come from and what the relation between them is.”

— Milton Friedman

57. “If you do not force political freedom, economic freedom will be stymied sooner or later.”

— Milton Friedman

58. “Drugs are a tragedy for addicts. But criminalizing their use converts that tragedy into a disaster for society, for users and non-users alike. Our experience with the prohibition of drugs is a replay of our experience with the prohibition of alcoholic beverages.”

— Milton Friedman

59. “The one thing that’s missing, but that will soon be developed, is a reliable e-cash, a method whereby on the Internet you can transfer funds from A to B, without A knowing B or B knowing A.”

— Milton Friedman

60. “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.”

— Milton Friedman

61. “Not all schooling is education nor all education, schooling.”

— Milton Friedman

62. “Freedom is a rare and delicate plant. Our minds tell us, and history confirms, that the great threat to freedom is the concentration of power.”

— Milton Friedman

63. “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

64. “What kind of society isn’t structured on greed?”

— Milton Friedman

65. “All learning is ultimately self-learning.”

— Milton Friedman

66. “Theories can be based on any assumptions, however bizarre.”

— Milton Friedman

67. “The history of mankind is the history of money losing value.”

— Milton Friedman

68. “I say thank God for government waste. If government is doing bad things, it’s only the waste that prevents the harm from being greater.”

— Milton Friedman

69. “The problem in this world is to avoid concentration of power – we must have a dispersion of power.”

— Milton Friedman

70. “Making prohibition work is like making water run uphill; it’s against nature.”

— Milton Friedman

71. “Governments never learn. Only people learn.”

— Milton Friedman

72. “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

73. “There is no good way of measuring poverty.”

— Milton Friedman

74. “Money is a very powerful thing, which you hardly notice when it goes right, but which can create havoc when it goes wrong.”

— Milton Friedman

75. “Nobody spends somebody else’s money as carefully as he spends his own.”

— Milton Friedman

76. “Complete free trade is not politically feasible. Why? Because it’s only in the general interest and in no one’s special interest.”

— Milton Friedman

77. “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

78. “Humility is the distinguishing virtue of the believer in freedom; arrogance, of the paternalist.”

— Milton Friedman

79. “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

80. “Now that I’m 60, every morning I look in the mirror and say, “I don’t know who you are, stranger, but I’m gonna shave you anyway”.”

— Milton Friedman

81. “The high rate of unemployment among teenagers, and especially black teenagers, is both a scandal and a serious source of social unrest. Yet it is largely a result of minimum wage laws. We regard the minimum wage law as one of the most, if not the most, anti-black laws on the statute books.”

— Milton Friedman

82. “The future of private enterprise capitalism is also the future of a free society. There is no possibility of having a politically free society unless the major part of its economic resources are operated under a capitalistic private enterprise system.”

— Milton Friedman

83. “Concentrated power is not rendered harmless by the good intentions of those who create it.”

— Milton Friedman

84. “People who intend only to serve public interest are led by invisible hand to private interest which was no part of their intention.”

— Milton Friedman

85. “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

86. “So long as large sums of money are involved – and they are bound to be if drugs are illegal – it is literally impossible to stop the traffic, or even to make a serious reduction in its scope.”

— Milton Friedman

87. “There’s no point in comparing an actual, operating system with an ideal system that doesn’t exist.”

— Milton Friedman

88. “I think it’s a scandal what has been happening in the school system so far as lower income classes. The dropout rates, the illiteracy rate, you know literacy in the United States was a lot higher in 1890 than it is now.”

— Milton Friedman

89. “The invisible hand in politics operates in the opposite direction to the invisible hand in the market.”

— Milton Friedman

90. “There’s no doubt in my mind that Ronald Reagan was by far the greatest. Because he had real principles and he stuck by them. He made clear what he was going to do, and he did it. He didn’t back down.”

— Milton Friedman

91. “On aging societies, there is no reason why a country that has a lot of old people can’t be prosperous if, during their working lives, individuals provide for their retirement.”

— Milton Friedman

92. “My interest in political philosophy was rather casual until I met Hayek.”

— Milton Friedman

93. “There’s nothing that does so much harm as good intentions.”

— Milton Friedman

94. “The fall of the Berlin Wall did more for the progress of freedom than all of the books written by myself or Friedrich Hayek or others.”

— Milton Friedman

95. “The fall of the Berlin Wall really demonstrated beyond the shadow of a doubt that there was a bad system, and what subsequently happened in the Soviet Union, that that system was a failure.”

— Milton Friedman

96. “The free market is not only a more efficient decision maker than even the wisest central planning body, but even more important, the free market keeps economic power widely dispersed.”

— Milton Friedman

97. “There is only one social responsibility of business.”

— Milton Friedman

98. “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

99. “So that the record of history is absolutely crystal clear. That there is no alternative way, so far discovered, of improving the lot of the ordinary people that can hold a candle to the productive activities that are unleashed by a free enterprise system.”

— Milton Friedman

100. “In a bureaucratic system, useless work drives out useful work.”

— Milton Friedman