Milton Quotes - page 2
What then is it that, since 2007, has caused Wall Street capitalism's own suicide? At the bottom of this worst financial mess in a century is this: Milton Friedman-Friedrich Hayek libertarian laissez-faire capitalism, permitted to run wild without regulation. This is the root source of today's travails. Both of these men are dead, but their poisoned legacies live on.
Paul Samuelson
The proof of the pudding is in the eating. There was a widespread myth of the 1970s, a myth along Tom Kuhn's (1962) Structure of Scientific Revolutions lines. The Keynesianism, which worked so well in Camelot and brought forth a long epoch of price-level stability with good Q growth and nearly full employment, gave way to a new and quite different macro view after 1966. A new paradigm, monistic monetarism, so the tale narrates, gave a better fit. And therefore King Keynes lost self esteem and public esteem. The King is dead. Long live King Milton!
Contemplate the true facts. Examine 10 prominent best forecasting models 1950 to 1980: Wharton, Townsend–Greenspan, Michigan Model, St. Louis Reserve Bank, Citibank Economic Department under Walter Wriston's choice of Lief Olson, et cetera. ... M did matter as for almost everyone. But never did M alone matter systemically, as post-1950 Friedman monetarism professed.
Paul Samuelson
When I once called myself a "Sunday painter” dabbling in stochastic finance, that was not meant to belittle finance theory as a branch of serious economic theory. Such a peculiar view was expressed again and again by the late Milton Friedman, a dizzy view that I still find incomprehensible.
Paul Samuelson
If the existence of bullshit jobs seems to defy the logic of capitalism, one possible reason for their proliferation might be that the existing system isn't capitalism-or at least, isn't any sort of capitalism that would be recognizable from the works of Adam Smith, Karl Marx, or, for that matter, Ludwig von Mises or Milton Friedman.
David Graeber
Our first of poets was one of our first of men. He was an eminent instance to prove that a poet is not another name for the slave of power and fashion ... who merely aspire to make up the pageant and show of the day. There are persons in common life who ... can so little bear to be left for any length of time out of the grand carnival and masquerade of pride and folly, that they will gain admittance to it at the expense of their characters ... Milton was not one of these. He had lofty contemplative principle, and consciousness of inward power and worth, [not] to be tempted by such idle baits.
William Hazlitt
Economists, like everyone, have their political biases, but these are by no means as strong an influence on what they are willing to consider as you might think. For example, one might have thought that strongly liberal economists like, say, James Tobin would be at least mildly sympathetic to the views of radical economists who draw their inspiration from Marx, or of heterodox economic thinkers like Galbraith. After all, in such fields as history and sociology the Marxist or post-Marxist left has long received a respectful hearing. And yet you don't find this happening: liberal economists are almost as quick as their conservative colleagues to condemn heterodox leftist ideas as foolish it was the liberal Robert Solow, not Milton Friedman, who defended orthodoxy in the bitter "capital controversy" with British radicals.
Paul Krugman
The kind of economic trouble that Asia experienced a decade ago, and that we're all experiencing now, is precisely the sort of thing we thought we had learned to prevent. In the bad old days big, advanced economies with stable governments-like Britain in the 1920s-might have had no answer to prolonged periods of stagnation and deflation; but between John Maynard Keynes and Milton Friedman, we thought we knew enough to keep that from happening again.
Paul Krugman
The appeal to the intellectually insecure is also more important than it might seem. Because economics touches so much of life, everyone wants to have an opinion. Yet the kind of economics covered in the textbooks is a technical subject that many people find hard to follow. How reassuring, then, to be told that it is all irrelevant -- that all you really need to know are a few simple ideas! Quite a few supply-siders have created for themselves a wonderful alternative intellectual history in which John Maynard Keynes was a fraud, Paul Samuelson and even Milton Friedman are fools, and the true line of deep economic thought runs from Adam Smith through obscure turn-of-the-century Austrians straight to them.
Paul Krugman
There is no doubt, and in this I agree with Milton Friedman, that once the Crash had occurred, the Federal Reserve System pursued a silly deflationary policy. I am not only against inflation but I am also against deflation! So, once again, a badly programmed monetary policy prolonged the depression! So, once again, a badly programmed monetary policy prolonged the depression. One consequence of this policy was, of course, the fact that confidence was destroyed.
Friedrich Hayek
I don't know what monetarism is. If monetarism just means a good old-fashioned quantity theory, of course it has not failed. If it means the particular version of Milton Friedman, I think it has because he imagines that he can achieve - ascertain - a clear quantity relationship between a measurable quantity of money and the price level. I don't think that is possible. In fact, just about 40 years ago in the opening sentences of my book, Prices and Production, I wrote that it would be a great misfortune if people ever cease to believe in the quantity theory of money. It would be even worse ever to believe it literally. And that's exactly what Milton Friedman does.
Friedrich Hayek
I was clear, Alice Toklas says and very often mistaken but anyway I am clear I am a good American, I am slow-minded and quickly clear in expression, I am certain that I see everything that is seen and in between I stand around but I do not wait, no American can wait he can stand around and do nothing but he cannot wait, that is why he is not like Milton who served by standing and waiting, Americans can neither serve nor wait, they can stand and sit down and get up and walk around but they can neither serve nor wait.
Gertrude Stein
Thanks to the work of John Maynard Keynes and of Milton Friedman, we now have a better understanding of how governments can (at least in principle) reduce the severity of major economic downturns. Keynesian economics taught us that government spending can raise GDP and reduce unemployment.
Martin Feldstein
[ Milton Friedman was] the dominant member of the so-called Chicago school of economics [during his tenure at Chicago]... The economics department increasingly reflected his approach and interests. These included deep commitment to the truth, appreciation of markets and free enterprise, frank and blunt discussion, and enormous zeal to convince the heathen. But most important was the commitment to economic analysis as a powerful instrument for interpreting economic and social life.
Gary Becker
William Shakespeare has probably done more to damage the cultural worth of Britain than anyone else in the whole of human history. After endlessly having to study his plays on the school curriculum, generations of children have ventured into adulthood convinced that all literature is coma-inducingly dreary. I don't blame them. Portia's speech about the 'gentle rain' is in no way as stimulating as 10 minutes of Grand Theft Auto. I believe that Shakespeare, along with Milton, Donne and Chaucer, has a place in modern Britain. And that place is deep in the bowels of the British Library, where he can be studied by hardcore language students.
Jeremy Clarkson
We write in the language of Dryden and Addison, of Milton and Shakespeare, but the intellectual world we inhabit is that of Flaubert and Baudelaire; it is to them, and not to their English contemporaries, that we owe our conception of modern life. The artist whose reward is perfection and where perfection can be obtained only by a separation of standards from those of the non-artist is led to adopt one of four rôles: the High Priest (Mallarmé, Joyce, Yeats), the Dandy (Firbank, Beerbohm, Moore), the Incorruptible Observer (Maugham, Maupassant) or the Detached Philosopher (Strachey, Anatole France). What he will not be is a Fighter or Helper.
Cyril Connolly
Women have been discouraged from genres such as sculpture that require studio training or expensive materials. But in philosophy, mathematics, and poetry, the only materials are pen and paper. Male conspiracy cannot explain all female failures. I am convinced that, even without restrictions, there still would have been no female Pascal, Milton, or Kant. Genius is not checked by social obstacles: it will overcome. Men's egotism, so disgusting in the talentless, is the source of their greatness as a sex. [...] Even now, with all vocations open, I marvel at the rarity of the woman driven by artistic or intellectual obsession, that self-mutilating derangement of social relationship which, in its alternate forms of crime and ideation, is the disgrace and glory of the human species.
Camille Paglia