Milton Friedman Quotes

There is a real function for government in respect to pollution: to set conditions and, in particular, define property rights to make sure that the costs are borne by the parties responsible.

Thomas Moore estimates that their aggregate value in 1972 was between $2 and $3 billion6 — a value that corresponds solely to a government-granted monopoly position. It constitutes wealth for the people who own the certificates, but for the society as a whole it is a measure of the loss from government intervention, not a measure of productive capacity.

The view that government’s role is to serve as an umpire to prevent individuals from coercing one another was replaced by the view that government’s role is to serve as a parent charged with the duty of coercing

In a crisis we are all Keynesians.

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. In addition, by dispersing power, the free market provides an offset to whatever concentration of political power may arise. The combination of economic and political power in the same hands is a sure recipe for tyranny.

Tocqueville admired much of what he observed, but he was by no means an uncritical admirer, fearing that democracy carried too far might undermine civic virtue. As he put it, “There is . . . a manly and lawful passion for equality which incites men to wish all to be powerful and honored. This passion tends to elevate the humble to the rank of the great; but there exists also in the human heart a depraved taste for equality, which impels the weak to attempt to lower the powerful to their own level, and reduces men to prefer equality in slavery to inequality with freedom.”3

"It is widely believed that politics and economics are separate and largely unconnected; that individual freedom is a political problem and material welfare an economic problem; and that any kind of political arrangements can be combined with any kind of economic arrangements. The chief contemporary manifestation of this idea is the advocacy of "democratic socialism" by many who condemn out of hand the restrictions on individual freedom imposed by "totalitarian socialism" in Russia~ and who are persuaded that it is possible for a country to adopt the essential features of Russian economic arrangements and yet to ensure individual freedom through political arrangements. The

8 CAPITALISM AND FREEDOM
thesis of this chapter is that such a view is a delusion, that there is an intimate connection between economics and politics, that only certain combinations of political and economic arrangements are possible, and that in particular, a society which is socialist cannot also be democratic, in the sense of guaranteeing individual freedom."

A society that aims for equality before liberty will end up with neither equality nor liberty.

We observe, and are always asking ourselves the question, why it is that in the Western world intellectuals tend to be collectivists. Certainly one reason is that by nature their whole interest is in questioning things, including whatever society they're in. But in a collectivist society they can't speak up because of suppression, whereas in a free society they can. So the only intellectuals heard from tend to be collectivists.

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.

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

To take a different example, whether it is less costly for loggers to use a chain saw or handsaw depends on the price of the chain saw and the handsaw, the amount of labor required with each, and the wages of different kinds of labor. The enterprise doing the logging has an incentive to acquire the relevant technical knowledge and to combine it with the information transmitted by prices in order to minimize costs.

The source of tolerance is the recognition that none of us have the absolute truth. There can be no tolerance without humility.

However attractive anarchy may be as a philosophy, it is not feasible in a world of imperfect men.

In every area, i.e. what protects the workers, the employers, the consumers.. it's always the existence of variety and alternatives.