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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

With respect to teachers’ salaries …. Poor teachers are grossly overpaid and good teachers grossly underpaid. Salary schedules tend to be uniform and determined far more by seniority.
MILTON FRIEDMAN

Determination Difference Oppression Poor Respect Teaching
Nobody spends somebody else’s money as carefully as he spends his own.
MILTON FRIEDMAN

Care Himself Independent Money
A minimum-wage law is, in reality, a law that makes it illegal for an employer to hire a person with limited skills.
MILTON FRIEDMAN

Employment Law Limitation Money Person Reality Skill
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
Concentrated power is not rendered harmless by the good intentions of those who create it.
MILTON FRIEDMAN

Creation Harm Intention Liberty Power
We have a system that increasingly taxes work and subsidizes nonwork.
MILTON FRIEDMAN

Law Liberty Politics Society
You know there are very few Marxists left in the world they’re all in American universities.
MILTON FRIEDMAN

Education World Yourself
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
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 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 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
The only corporate social responsibility a company has is to maximize its profits.
MILTON FRIEDMAN

Company Money Profit Responsibility
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
If you cannot state a proposition clearly and unambiguously, you do not understand it.
MILTON FRIEDMAN

Law Rule Talk Understand Yourself
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
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

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.

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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.

Related Topics

Popular Authors

More Milton Friedman Quotes