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The most important single central fact about a free market is that no exchange takes place unless both parties benefit.

Milton Friedman

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

Employment Government Limitation Money
The word ‘free’ is used three times in the Declaration of Independence and once in the First Amendment to the Constitution, along with ‘freedom.’ The word ‘fair’ is not used in either of our founding documents.
MILTON FRIEDMAN

Difference Freedom Independence Word
There’s nothing that does so much harm as good intentions.
MILTON FRIEDMAN

Goodness Harm Intention Liberty
I’m in favor of legalizing drugs. According to my values system, if people want to kill themselves, they have every right to do so. Most of the harm that comes from drugs is because they are illegal.
MILTON FRIEDMAN

Drugs Illegal Kill Myself People Right Support
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
Anything that government can do, private enterprise can do for half the cost.
MILTON FRIEDMAN

Government Price
If you put the federal government in charge of the Sahara Desert, in 5 years there’d be a shortage of sand.
MILTON FRIEDMAN

Funny Government Politics Rule Yourself
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 only corporate social responsibility a company has is to maximize its profits.
MILTON FRIEDMAN

Company Money Profit Responsibility
There’s no such thing as a free lunch.
MILTON FRIEDMAN

Food Freedom
Concentrated power is not rendered harmless by the good intentions of those who create it.
MILTON FRIEDMAN

Creation Harm Intention Liberty Power
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

Depression Employment Government Greatness Management
One role of prohibition is in making the drug market more lucrative.
MILTON FRIEDMAN

Drug Market Oneself Role
The great advances of civilization, whether in architecture or painting, in science or literature, in industry or agriculture, have never come from centralized government.
MILTON FRIEDMAN

Civilization Government Greatness Science
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
Government is a way by which every individual believes he can live at the expense of everybody else.
MILTON FRIEDMAN

Believe Government Live Way

The most important single central fact about a free market is that no exchange takes place unless both parties benefit.

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The most important single central fact about a free market is that no exchange takes place unless both parties benefit.

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