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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

When you start paying people to be poor, you wind up with an awful lot of poor people.
MILTON FRIEDMAN

People Poor Start Wind Yourself
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
You know there are very few Marxists left in the world they’re all in American universities.
MILTON FRIEDMAN

Education World Yourself
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
The great virtue of a free market is that it enables people who hate each other, or who are from vastly different religious or ethnic backgrounds, to cooperate economically. Government intervention can’t do that.
MILTON FRIEDMAN

Freedom Government Greatness Hate Religious
There’s nothing that does so much harm as good intentions.
MILTON FRIEDMAN

Goodness Harm Intention Liberty
Anything that government can do, private enterprise can do for half the cost.
MILTON FRIEDMAN

Government Price
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
Society doesn’t have values. People have values.
MILTON FRIEDMAN

People Society Value
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
The essential notion of a capitalist society … is voluntary cooperation, voluntary exchange. The essential notion of a socialist society is force.
MILTON FRIEDMAN

Force Liberty People Rule Society
One role of prohibition is in making the drug market more lucrative.
MILTON FRIEDMAN

Drug Market Oneself Role
Most of the energy of political work is devoted to correcting the effects of mismanagement of government.
MILTON FRIEDMAN

Devotion Energy Government Management Politics
The power to do good is also the power to do harm.
MILTON FRIEDMAN

Choice Goodness Harm Power
Inflation is the one form of taxation that can be imposed without legislation.
MILTON FRIEDMAN

Business Government Law Politics
Only a crisis, actual or perceived, produces real change.
MILTON FRIEDMAN

Change Politics Reality

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.

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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.

Related Topics

Popular Authors

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