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Inflation is the one form of taxation that can be imposed without legislation.

Milton Friedman

One of the great mistakes is to judge policies and programs by their intentions rather than their results.
MILTON FRIEDMAN

Greatness Judgement Mistake Oneself Politics Result
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
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
Governments never learn. Only people learn.
MILTON FRIEDMAN

Government Learning People Philosophy Rule
Inflation is the one form of taxation that can be imposed without legislation.
MILTON FRIEDMAN

Business Government Law Politics
Because we live in a largely free society, we tend to forget how limited is the span of time and the part of the globe for which there has ever been anything like political freedom: the typical state of mankind is tyranny, servitude, and misery.
MILTON FRIEDMAN

Forget Freedom Limitation Live Man Misery Politics Time
The power to do good is also the power to do harm.
MILTON FRIEDMAN

Choice Goodness Harm Power
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
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
You never can cure poverty. Poverty is in the eye of the beholder.
MILTON FRIEDMAN

Deep Eyes Perspective Yourself
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
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
Freedom is a rare and delicate plant. Our minds tell us, and history confirms, that the great threat to freedom is the concentration of power.
MILTON FRIEDMAN

Freedom Greatness Mindset Ourselves Plant
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
There’s no such thing as a free lunch.
MILTON FRIEDMAN

Food Freedom
You cannot simultaneously have free immigration and a welfare state.
MILTON FRIEDMAN

Care Freedom Yourself
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
You must distinguish sharply between being pro free enterprise and being pro business.
MILTON FRIEDMAN

Business Difference Freedom Yourself
Since the 1930s the technique of buying votes with the voters’ own money has been expanded to an extent undreamed of by earlier politicians.
MILTON FRIEDMAN

Dream Money Politics Technique Vote
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 government doesn’t have any money. The only power it has is to take from some and give to others.
MILTON FRIEDMAN

Genrosity Government Money Power
Society doesn’t have values. People have values.
MILTON FRIEDMAN

People Society Value
There are severe limits to the good that the government can do for the economy, but there are almost no limits to the harm it can do.
MILTON FRIEDMAN

Government Harm Limitation
Many people want the government to protect the consumer. A much more urgent problem is to protect the consumer from the government.
MILTON FRIEDMAN

Government People Philosophy Problem Protection
See, if you look at the drug war from a purely economic point of view, the role of the government is to protect the drug cartel. That’s literally true.
MILTON FRIEDMAN

Drug Government Protection See True War
There’s no doubt in my mind that Ronald Reagan was by far the greatest. Because he had real principles and he stuck by them. He made clear what he was going to do, and he did it. He didn’t back down.
MILTON FRIEDMAN

Doubt Greatness Himself Mindset Myself Principle Reality
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

Inflation is the one form of taxation that can be imposed without legislation.

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Inflation is the one form of taxation that can be imposed without legislation.

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