Quotes By Milton Friedman

The only relevant test of the validity of a hypothesis is comparison of prediction with experience.

Every friend of freedom must be as revolted as I am by the prospect of turning the United States into an armed camp, by the vision of jails filled with casual drug users and of an army of enforcers empowered to invade the liberty of citizens on slight evidence.

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.

The black market was a way of getting around government controls. It was a way of enabling the free market to work. It was a way of opening up, enabling people.

Hell hath no fury like a bureaucrat scorned.

Nothing is so permanent as a temporary government program.

The problem of social organization is how to set up an arrangement under which greed will do the least harm, capitalism is that kind of a system.

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

Governments never learn. Only people learn.

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

The government solution to a problem is usually as bad as the problem.

Inflation is taxation without legislation.

A major source of objection to a free economy is precisely that group thinks they ought to want. Underlying most arguments against the free market is a lack of belief in freedom itself.

There's no such thing as a free lunch.

Most of the energy of political work is devoted to correcting the effects of mismanagement of government.

Only government can take perfectly good paper, cover it with perfectly good ink and make the combination worthless.

The world runs on individuals pursuing their self interests. The great achievements of civilization have not come from government bureaus. Einstein didn't construct his theory under order from a, from a bureaucrat. Henry Ford didn't revolutionize the automobile industry that way.

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

Universities exist to transmit knowledge and understanding of ideas and values to students not to provide entertainment for spectators or employment for athletes.

Columbus did not seek a new route to the Indies in response to a majority directive.

The greatest advances of civilization, whether in architecture or painting, in science and literature, in industry or agriculture, have never come from centralized government.

History suggests that capitalism is a necessary condition for political freedom. Clearly it is not a sufficient condition.

I am favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever it's possible.

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.

Is it really true that political self-interest is nobler somehow than economic self-interest?

We have a system that increasingly taxes work and subsidizes nonwork.

If you put the federal government in charge of the Sahara Desert, in 5 years there'd be a shortage of sand.

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.

And what does reward virtue? You think the communist commissar rewards virtue? You think a Hitler rewards virtue? You think, excuse me, if you'll pardon me, American presidents reward virtue? Do they choose their appointees on the basis of the virtue of the people appointed or on the basis of their political clout?

One man's opportunism is another man's statesmanship.