Milton Friedman quotes - page 5
Over the period covered by these data, a drastic change has occurred in the responsibilities undertaken by the state to provide assistance to the aged, unemployed and otherwise dependent. This change has had divergent results on the particular data under discussion. The availability of assistance from the state would clearly tend to reduce the need for private reserves and so to reduce private saving-it is equivalent, in terms of our hypothesis, to a reduction in the variance of transitory components.
Milton Friedman
Although I wish the anarchists luck, since that's the way we ought to be moving now. But I believe we need government to enforce the rules of the game. By prosecuting anti-trust violations, for instance. We need a government to maintain a system of courts that will uphold contracts and rule on compensation for damages. We need a government to ensure the safety of its citizens–to provide police protection. But government is failing at a lot of these things that it ought to be doing because it's involved in so many things it shouldn't be doing.
Milton Friedman
Prices perform three functions in organizing economic activity: first, they transmit information; second, they provide an incentive to adopt those methods of production that are least costly and thereby use available resources for the most highly valued pur poses; third, they determine who gets how much of the product-the distribution of income. These three functions are closely in terrelated.
Milton Friedman
Over short periods, the relation between growth in money and growth in nominal income is often hard to see, partly because the relation is less close for short than for long periods, but mostly because it takes time for changes in monetary growth to affect income. And how long a time is itself variable. Today's income growth is not closely related to today's monetary growth; it depends on what has been happening to money in the past. What happens to money today affects what is going to happen to income in the future.
Milton Friedman
The threat to public schools arises from their defects, not their accomplishments. In small, closely knit communities where public schools, particularly elementary schools, are now reasonably satisfactory, not even the most comprehensive voucher plan would have much effect. The public schools would remain dominant, perhaps somewhat improved by the threat of potential competition. But elsewhere, and particularly in the urban slums where the public schools are doing such a poor job, most parents would undoubtedly try to send their children to nonpublic schools.
Milton Friedman
A society that puts equality-in the sense of equality of outcome-ahead of freedom will end up with neither equality nor freedom. The use of force to achieve equality will destroy freedom, and the force, introduced for good purposes, will end up in the hands of people who use it to promote their own interests. On the other hand, a society that puts freedom first will, as a happy by-product, end up with both greater freedom and greater equality.
Milton Friedman
In the past century a myth has grown up that free market capitalism-equality of opportunity as we have interpreted that term-increases such inequalities, that it is a system under which the rich exploit the poor. Nothing could be further from the truth. Wherever the free market has been permitted to operate, wherever anything approaching equality of opportunity has existed, the ordinary man has been able to attain levels of living never dreamed of before. Nowhere is the gap between rich and poor wider, nowhere are the rich richer and the poor poorer, than in those societies that do not permit the free market to operate.
Milton Friedman
What country in the world today engages in the most extreme anti-Semitic persecution? The Soviet Union. It's not an accident, because if you have a society with concentrated power, if you have a collectivist society, it's going to be in a position to exercise the preferences and prejudices of its rulers. Moreover, it's going to have an incentive to do so, because it's going to need a scapegoat and it will choose some group like the Jews or the blacks to be the scapegoat.
Milton Friedman
The average income of blacks here is far higher than the average income of all the people in the Soviet Union. The official government definition of the poverty line in the U. S. is higher than the average income in the Soviet Union; it's higher than the income received by 90 percent of the people on the world's surface. Now, that doesn't mean blacks aren't subject to injustice; of course they are.
Milton Friedman
As these remarks indicate, the Social Security program involves a transfer from the young to the old. To some extent such a transfer has occurred throughout history-the young supporting their parents, or other relatives, in old age. Indeed, in many poor countries with high infant death rates, like India, the desire to assure oneself of progeny who can provide support in old age is a major reason for high birth rates and large families. The difference between Social Security and earlier arrangements is that Social Security is compulsory and impersonal-earlier arrangements were voluntary and personal. Moral responsibility is an individual matter, not a social matter. Children helped their parents out of love or duty. They now contribute to the support of someone else's parents out of compulsion and fear. The earlier transfers strengthened the bonds of the family; the compulsory transfers weaken them.
Milton Friedman
Even the most ardent environmentalist doesn't really want to stop pollution. If he thinks about it and doesn't just talk about it, he wants to have the right amount of pollution. We can't really afford to eliminate it-not without abandoning all the benefits of technology that we not only enjoy but on which we depend. So the answer is to allow only pollution that's worth what it costs, and not any pollution that isn't worth what it costs.
Milton Friedman
The draft is inequitable because irrelevant considerations play so large a role in determining who serves. It is wasteful because deferment of students, fathers, and married men jams colleges, raises the birth rate, and fuels divorce court. It is inconsistent with a free society because it exacts compulsory service from some and limits the freedom of others to travel abroad, emigrate, or even to talk and act freely. So long as compulsion is retained, these defects are inevitable.
Milton Friedman
Milton Friedman
Occupation: American Economist
Born: July 31, 1912
Died: November 16, 2006
Quotes count: 200
Wikipedia: Milton Friedman
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