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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

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 no such thing as a free lunch.
MILTON FRIEDMAN

Food Freedom
Inflation is the one form of taxation that can be imposed without legislation.
MILTON FRIEDMAN

Business Government Law Politics
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 unions might be good for the people who are in the unions but it doesn’t do a thing for the people who are unemployed. Because the union keeps down the number of jobs, it doesn’t do a thing for them.
MILTON FRIEDMAN

Employment Goodness Job People
Underlying most arguments against the free market is a lack of belief in freedom itself.
MILTON FRIEDMAN

Argument Belief Freedom Liberty
Governments never learn. Only people learn.
MILTON FRIEDMAN

Government Learning People Philosophy Rule
You must distinguish sharply between being pro free enterprise and being pro business.
MILTON FRIEDMAN

Business Difference Freedom Yourself
Is it really true that political self-interest is nobler somehow than economic self-interest?
MILTON FRIEDMAN

Noble Politics Profit True
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
Every person shall be free to do good at his own expense.
MILTON FRIEDMAN

Freedom Person Price
Government is a way by which every individual believes he can live at the expense of everybody else.
MILTON FRIEDMAN

Believe Government Live Way
Society doesn’t have values. People have values.
MILTON FRIEDMAN

People Society Value
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
The power to do good is also the power to do harm.
MILTON FRIEDMAN

Choice Goodness Harm Power
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 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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