Milton Friedman Quotes

Experience should teach us to be most on our guard to protect liberty when the government’s purposes are beneficial. Men born to freedom are naturally alert to repel invasion of their liberty by evil-minded rulers. The greater dangers to liberty lurk in insidious encroachment by men of zeal, well-meaning but without understanding.” — Justice Louis Brandeis,

Even the most ardent environmentalist doesn't really want to stop pollution. If he thinks about it, and doesn't just talk about it, he wants to have the right amount of pollution. We can't really afford to eliminate it - not without abandoning all the benefits of technology that we not only enjoy but on which we depend.

The strongest argument for free enterprise is that it prevents anybody from having too much power. Whether that person is a government official, a trade union official, or a business executive. If forces them to put up or shut up. They either have to deliver the goods, produce something that people are willing to pay for, are willing to buy, or else they have to go into a different business.

People in Congress are in a business; they’re trying to buy votes; they’re in the business of competing with one another to get elected. The same Congressman will vote for a different thing if he thinks that’s politically profitable. You don’t have to change Congress. People have a great misconception in this way. They think the way you solve things is by electing the right people. It’s nice to elect the right people but that isn’t the way you solve things. The way you solve things is by making it politically profitable for the wrong people to do the right things!

In my opinion, a society that aims for equality before liberty will end up with neither equality nor liberty. A society that aims first for liberty will not end up with equality, but it will end up with a closer approach to equality than any other kind of system that has ever been developed.

The “something” that connects the two transactions is called money, and it has taken innumerable physical forms — from stones to feathers to tobacco to shells to copper, silver, and gold to pieces of paper and entries in ledger books. Who knows what will be the future incarnations of money? Computer bytes?

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

The public at large thinks that government is too big.

The misuse of language contributes also to the belief that labor unions are a product of modern industrial development. They are nothing of the kind. On the contrary, they are a throwback to a preindustrial period, to the guilds that were the characteristic form of organization of both merchants and craftsmen in the cities and city-states that grew out of the feudal period. Indeed, the modern labor union can be traced back even further, nearly 2,500 years to an agreement reached among medical men in Greece.

The family, rather than the individual, has always been and remains today the basic building block of our society, though its hold has clearly been weakening — one of the most unfortunate consequences of the growth of government paternalism. Yet the assignment of responsibility for children to their parents is largely a matter of expediency rather than principle. We believe, and with good reason, that parents have more interest in their children than anyone else and can be relied on to protect them and to assure their development into responsible adults. However, we do not believe in the right of the parents to do whatever they will with their children — to beat them, murder them, or sell them into slavery. Children are responsible individuals in embryo. They have ultimate rights of their own and are not simply the playthings of their parents.

John Stuart Mill, The sole end for which mankind are warranted, individually or collectively, in interfering with the liberty of action of any of their number, is self protection.... [T]he only purpose for which power can be rightfully exercised over any member of a civilized community, against his will, is to prevent harm to others. His own good, either physical or moral, is not a sufficient warrant.... The only part of the conduct of any one, for which he is amenable to society, is that which concerns others. In the part which merely concerns himself, his independence is, of right, absolute. Over himself, over his own body and mind, the individual is sovereign.2

So far as we know, no pollster has asked the public, “Are you getting your money’s worth for the more than 40 percent of your income being spent on your behalf by government?” But

In the course of General Westmoreland's testimony, he made the statement that he did not want to command an army of mercenaries. I stopped him and said, 'General, would you rather command an army of slaves?' He drew himself up and said, 'I don't like to hear our patriotic draftees referred to as slaves.' I replied, 'I don't like to hear our patriotic volunteers referred to as mercenaries.' But I went on to say, 'If they are mercenaries, then I, sir, am a mercenary professor, and you, sir, are a mercenary general; we are served by mercenary physicians, we use a mercenary lawyer, and we get our meat from a mercenary butcher.' That was the last that we heard from the general about mercenaries.

There seems little correlation between poverty and honesty. One would rather expect the opposite; dishonesty may not always pay but surely it sometimes does

Adam Smith’s key insight was that both parties to an exchange can benefit and that, so long as cooperation is strictly voluntary, no exchange will take place unless both parties do benefit.