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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

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

Equality Freedom Rule Society
One role of prohibition is in making the drug market more lucrative.
MILTON FRIEDMAN

Drug Market Oneself Role
I am a libertarian with a small “l” and a Republican with a capital “R”. And I am a Republican with a capital “R” on grounds of expediency, not on principle.
MILTON FRIEDMAN

Freedom Government Liberty Myself Principle
Nothing is so permanent as a temporary government program.
MILTON FRIEDMAN

Government Liberty Permenent
What makes it [economics] most fascinating is that its fundamental principles are so simple that they can be written on one page, that anyone can understand them, and yet very few do.
MILTON FRIEDMAN

Fundamental Principle Simplicity Understand Writing
The growing role that the government has played in financing and administering schooling has led not only the enormous waste of taxpayers money but also to a far poorer educational system.
MILTON FRIEDMAN

Education Government Money Play Poor Role Waste
The most important single central fact about a free market is that no exchange takes place unless both parties benefit.
MILTON FRIEDMAN

Business Freedom Important Place Profit
I am favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever it’s possible.
MILTON FRIEDMAN

Myself Possible Reason Support
With respect to teachers’ salaries …. Poor teachers are grossly overpaid and good teachers grossly underpaid. Salary schedules tend to be uniform and determined far more by seniority.
MILTON FRIEDMAN

Determination Difference Oppression Poor Respect Teaching
If you pay people not to work and tax them when they do, don’t be surprised if you get unemployment.
MILTON FRIEDMAN

Employment Pay People Yourself
When everybody owns something, nobody owns it, and nobody has a direct interest in maintaining or improving its condition. That is why buildings in the Soviet Union – like public housing in the United States – look decrepit within a year or two of their construction.
MILTON FRIEDMAN

Direction Government Improvement Philosophy
Economic freedom is an essential requisite for political freedom. By enabling people to cooperate with one another without coercion or central direction, it reduces the area over which political power is exercised.
MILTON FRIEDMAN

Exercise Freedom Liberty People Politics Power
You must distinguish sharply between being pro free enterprise and being pro business.
MILTON FRIEDMAN

Business Difference Freedom Yourself
The only corporate social responsibility a company has is to maximize its profits.
MILTON FRIEDMAN

Company Money Profit Responsibility
There’s no point in comparing an actual, operating system with an ideal system that doesn’t exist.
MILTON FRIEDMAN

Existence Government Ideal Rule
A minimum-wage law is, in reality, a law that makes it illegal for an employer to hire a person with limited skills.
MILTON FRIEDMAN

Employment Law Limitation Money Person Reality Skill

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.

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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.

Related Topics

Popular Authors

More Milton Friedman Quotes