Milton Friedman
Born: 01-01-1912
Milton Friedman was a renowned American economist and statistician, recognized for his influential contributions to economic theory and policy. Born in 1912, he became a leading advocate for free-market capitalism. His groundbreaking work on monetary policy, consumption analysis, and the theory of the natural rate of unemployment earned him the Nobel Prize in Economic Sciences in 1976. Friedman's ideas significantly shaped economic policies worldwide throughout the late 20th century.
Book summaries for books written by Milton Friedman
Quotes
A society that puts equality before freedom will get neither. A society that puts freedom before equality will get a high degree of both.
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.
Underlying most arguments against the free market is a lack of belief in freedom itself.
The most important single central fact about a free market is that no exchange takes place unless both parties benefit.
One of the great mistakes is to judge policies and programs by their intentions rather than their results.
The power to do good is also the power to do harm.
Concentrated power is not rendered harmless by the good intentions of those who create it.
The society that puts equality before freedom will end up with neither. The society that puts freedom before equality will end up with a great measure of both.
The great danger to the consumer is the monopoly -- whether private or governmental. His most effective protection is free competition.
The economic miracle that has been the United States was not produced by socialized enterprises, by government-unon business, or by centralized economic planning.
There is all the difference in the world between treating people equally and attempting to make them equal.
The most effective way to protect the consumer is to protect the competitive process.