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Every economist knows that minimum wages either do nothing or cause inflation and unemployment. That’s not a statement, it’s a definition.

Milton Friedman

Political freedom means the absence of coercion of a man by his fellow men.
MILTON FRIEDMAN

Absence Freedom Men Politics
Most economic fallacies derive from the tendency to assume that there is a fixed pie, that one party can gain only at the expense of another.
MILTON FRIEDMAN

Government Oneself Profit
I would say that in this world, the greatest source of inequality has been special privileges granted by government.
MILTON FRIEDMAN

Equality Government Greatness Myself Privilege World
Most of the energy of political work is devoted to correcting the effects of mismanagement of government.
MILTON FRIEDMAN

Devotion Energy Government Management Politics
There is one and only one responsibility of business: to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game.
MILTON FRIEDMAN

Business Design Game Oneself Responsibility Rule
Inflation is the one form of taxation that can be imposed without legislation.
MILTON FRIEDMAN

Business Government Law Politics
The combination of economic and political power in the same hands is a sure recipe for tyranny.
MILTON FRIEDMAN

Destruction Hands Politics Power
With some notable exceptions, businessmen favor free enterprise in general but are opposed to it when it comes to themselves.
MILTON FRIEDMAN

Business Enemy Freedom Man Rival
You cannot be sure that you are right unless you understand the arguments against your views better than your opponents do.
MILTON FRIEDMAN

Argument Opponents Right Understand View Yourself
The real tragedy of minimum wage laws is that they are supported by well-meaning groups who want to reduce poverty. But the people who are hurt most by higher minimums are the most poverty stricken.
MILTON FRIEDMAN

Hurt Law People Reality Support Tragedy
One role of prohibition is in making the drug market more lucrative.
MILTON FRIEDMAN

Drug Market Oneself Role
Society doesn’t have values. People have values.
MILTON FRIEDMAN

People Society Value
Governments never learn. Only people learn.
MILTON FRIEDMAN

Government Learning People Philosophy Rule
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
Nobody spends somebody else’s money as carefully as he spends his own.
MILTON FRIEDMAN

Care Himself Independent Money
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

Every economist knows that minimum wages either do nothing or cause inflation and unemployment. That’s not a statement, it’s a definition.

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Every economist knows that minimum wages either do nothing or cause inflation and unemployment. That’s not a statement, it’s a definition.

Related Topics

Popular Authors

More Milton Friedman Quotes