Milton Friedman Quotes (158 quotes, page 3)

PBS “Interview: On freedom and free markets” https://www.pbs.org/wgbh/commandingheights/shared/minitext/int_miltonfriedman.html Commanding Heights series (Oct. 1, 2000)

Way , People , Freedom

“Thank heaven that we don’t get all of the government that we are made to pay for.”

Milton Friedman

Quoted in the House of Lords, (Nov. 24, 1994), also in Oxford Dictionary of Modern Quotes, Third Edition, Elizabeth Knowles, edit., Oxford University Press (2007) p. 124

“After the fall of communism, everybody in the world agreed that socialism was a failure. Everybody in the world, more or less, agreed that capitalism was a success. And every capitalist country in the world apparently deduced from that what the West needed was more socialism.”

Milton Friedman

Milton Friedman: The Rise of Socialism is Absurd and There’s No Such Thing as a Free Lunch https://www.youtube.com/watch?v=mKhfR8WC4Eo, Grand opening speech at Cato Institutes’ headquarters in Washington, D.C. (May 1993)

Success , Country , Communication , World

“The most unresolved problem of the day is precisely the problem that concerned the founders of this nation: how to limit the scope and power of government. Tyranny, restrictions on human freedom, come primarily from governmental restrictions that we ourselves have set up.”

Milton Friedman

” “Interview with Milton Friedman” https://www.minneapolisfed.org/publications/the-region/interview-with-milton-friedman, David Levy, Federal Reserve Bank of Minneapolis (June 1, 1992)

Problem , Freedom

“You can only aim at equality by giving some people the right to take things from others. And what ultimately happens when you aim for equality is that A and B decide what C should do for D, except that they take a bit of commission off on the way.”

Milton Friedman

“Milton Friedman vs Free Lunch Advocate” https://www.youtube.com/watch?v=9Qe7fLL25AQ (1980s)

Way , People

“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.”

Milton Friedman

“Milton Friedman vs Free Lunch Advocate” https://www.youtube.com/watch?v=9Qe7fLL25AQ (1980s)

“If you look at every program that the government has adopted in the direction of extending its scope, it took an enormous propaganda campaign by special propaganda groups to get those measures passed. There was no underlining public demand for those measures. On the contrary, the demand had to be created, it had to be developed, it had to be produced. And it was created, it was developed, it was produced, by people… who sincerely wanted to see an expansion in the scope of government.”

Milton Friedman

“The Social Security Myth” https://www.youtube.com/watch?v=rCdgv7n9xCY&t=124s (1980s)

Sincerity , People

Milton Friedman

“Things That Ain’t So by Milton Friedman”, Newsweek (March 10, 1980) p. 79

Reading

“That is a widespread myth, that it is possible to spend money with nobody paying for it. You have everybody screaming that we ought to have new, bigger, more generous government programs. Where are we going to raise the money? Tax business. But business corporations can’t pay any taxes. A corporate executive may sign the check, but where does he get the money? From his stockholders or from his customers or from his employees. Unlike the federal government, he doesn’t have a printing press in his basement. So the only way he can pay money to the government is imposing a burden on somebody. Government cannot spend money at nobody’s expense.”

Milton Friedman

“Economic Myths and Public Opinion” https://miltonfriedman.hoover.org/friedman_images/Collections/2016c21/AmSpectator_01_1976.pdf, The Alternative: An American Spectator, vol. 9, no. 4, (January 1976) pp. 5-9

Money , Way , Business

“This leads to my next myth—the myth that government can spend money at nobody’s expense. What was really involved in that last story was that somehow the local people do not pay out the money coming down from Washington somebody else does. Of course, the truth is that the money makes a round trip between Florida and Washington, and there is a discount taken off for cash as it passes through Washington. Some of you may remember that wonderful description of government by the French economist, Frederic Bastiat, who said that government is that fiction whereby everybody believes that he can live at the expense of everybody else.”

Milton Friedman

“Economic Myths and Public Opinion” https://miltonfriedman.hoover.org/friedman_images/Collections/2016c21/AmSpectator_01_1976.pdf, The Alternative: An American Spectator, vol. 9, no. 4, (January 1976) pp. 5-9

Money , Truth , Making love , People

“The elementary truth is that the Great Depression was produced by government mismanagement. It was not produced by the failure of private enterprise, it was produced by the failure of government to perform a function which had been assigned to it.”

Milton Friedman

" Economic Myths and Public Opinion https://miltonfriedman.hoover.org/friedman_images/Collections/2016c21/AmSpectator_01_1976.pdf” The Alternative: An American Spectator vol. 9, no. 4, (January 1976) pp. 5-9, Reprinted in Bright Promises, Dismal Performance: An Economist’s Protest, New York: Harcourt Brace Jovanovich (1983) pp. 60-75

Truth , Failure

“I have been impressed time and again by the schizophrenic character of many businessmen. They are capable of being extremely far‐sighted and clear‐headed in matters that are internal to their businesses. They are incredibly short sighted and muddle‐headed in mat ters [sic!] that are outside their businesses but affect the possible survival of business in general. This short sightedness is strikingly exemplified in the calls from many businessmen for wage and price guidelines or controls or incomes policies. There is nothing that could do more in a brief period to destroy a market system and replace it by a centrally controlled system than effective governmental control of prices and wages. The short‐sightedness is also exemplified in speeches by business men on social responsibility. This may gain them kudos in the short run. But it helps to strengthen the already too prevalent view that the ptirsuit [sic!] of profits is wicked and im moral [sic!] and must be curbed and controlled by external forces. Once this view is adopted, the external forces that curb the market will not be the social consciences, however highly developed, of the pontificating executives; it will be the iron fist of Government bureaucrats. Here, as with price and wage controls, business men seem to me to reveal a suicidal impulse.”

Milton Friedman

“A Friedman doctrine‐- The Social Responsibility Of Business Is to Increase Its Profits” (Sept. 1970)

Time , Business , Help , Suicide

“In a free society, it is hard for “good” people to do “good,” but that is a small price to pay for making it hard for “evil” people to do “evil,” especially since one man's good is anther's evil.”

Milton Friedman

“A Friedman doctrine‐- The Social Responsibility Of Business Is to Increase Its Profits” (Sept. 1970)

Making love , People , Evil

“The difficulty of exercising “social responsibility” illustrates, of course, the great virtue of private competitive enterprise — it forces people to be responsible for their own actions and makes it difficult for them to “exploit” other people for either selfish or unselfish purposes. They can do good—but only at their own expense.”

Milton Friedman

“A Friedman doctrine‐- The Social Responsibility Of Business Is to Increase Its Profits” (Sept. 1970)

Selfishness , Making love , People , Exercises

“The whole justification for permitting the corporate executive to be selected by the stockholders is that the executive is an agent serving the interests of his principal. This justification disappears when the corporate executive imposes taxes and spends the proceeds for “social” purposes. He becomes in effect a public employe, a civil servant, even though he remains in name an employe of private enterprise. On grounds of political principle, it is intolerable that such civil servants—insofar as their actions in the name of social responsibility are real and not just window‐dressing—should be selected as they are now. If they are to be civil servants, then they must be selected through a political process. If they are to impose taxes and make expenditures to foster “social” objectives, then political machinery must be set up to guide the assessment of taxes and to determine through a political process the objectives to be served. This is the basic reason why the doctrine of “social responsibility” involves the acceptance of the socialist view that political mechanisms, not market mechanisms, are the appropriate way to determine the allocation of scarce resources to alternative uses.”

Milton Friedman

“A Friedman doctrine‐- The Social Responsibility Of Business Is to Increase Its Profits” (Sept. 1970)

Way , Making love

“IN a free‐enterprise, private‐property system, a corporate executive is an employe of the owners of the business. He has direct responsibility to his employers. That responsibility is to conduct the business in accordance with their desires, which generally will be to make as much money as possible while conforming to the basic rules of the society, both those embodied in law and those embodied in ethical custom. Of course, in some cases his employers may have a different objective. A group of persons might establish a corporation for an eleemosynary purpose—for example, a hospital or school. The manager of such a corporation will not have money profit as his objective but the rendering of certain services. In either case, the key point is that, in his capacity as a corporate executive, the manager is the agent of the individuals who own the corporation or establish the eleemosynary institution, and his primary responsibility is to them.”

Milton Friedman

“A Friedman doctrine‐- The Social Responsibility Of Business Is to Increase Its Profits” (Sept. 1970)

School , Money , Law , Business

“What does it mean to say that “business” has responsibilities? Only people can have responsibilities. A corporation is an artificial person and in this sense may have artificial responsibilities, but “business” as a whole cannot be said to have responsibilities, even in this vague sense.”

Milton Friedman

“A Friedman doctrine‐- The Social Responsibility Of Business Is to Increase Its Profits” (Sept. 1970)

Sense , Personality , People , Business

“The view has been gaining widespread acceptance that corporate officials and labor leaders have a "social responsibility"... beyond serving the interests of their stockholders or their members. This view shows a fundamental misconception of the character of a free economy. In such an economy there is one and only one social 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, which is to say, engages in open and free competition without deception fraud. Similarly, the "social responsibility" of labor leaders is to serve the interests of the members of their unions. It is the responsibility of the rest of us to establish a framework of law such that an individual... is, to quote Adam Smith... "led by an invisible hand... I have never known much good done by those who affected to trade for the public good."”

Milton Friedman book Capitalism and Freedom

Source: Capitalism and Freedom (1962), Ch. 8 Monopoly and the Social Responsibility of Business and Labor, p. 133

Law , Business , Fraud , Game

“Now, when anybody starts talking about this [an all-volunteer force] he immediately shifts language. My army is 'volunteer,' your army is 'professional,' and the enemy's army is 'mercenary.' All these three words mean exactly the same thing. I am a volunteer professor, I am a mercenary professor, and I am a professional professor. And all you people around here are mercenary professional people. And I trust you realize that. It's always a puzzle to me why people should think that the term 'mercenary' somehow has a negative connotation.”

Milton Friedman

And this is much more broadly based. In fact, I think mercenary motives are among the least unattractive that we have.
The Draft: A Handbook of Facts and Alternatives, Sol Tax, edit., chapter: “Why Not a Voluntary Army?” University of Chicago Press (1967) p. 366, based on the Conference Held at the University of Chicago, December 4-7, 1966

Thinking , People

“Now, when anybody starts talking about this [an all-volunteer force] he immediately shifts language. My army is 'volunteer,' your army is 'professional,' and the enemy's army is 'mercenary.' All these three words mean exactly the same thing. I am a volunteer professor, I am a mercenary professor, and I am a professional professor. And all you people around here are mercenary professional people. And I trust you realize that. It's always a puzzle to me why people should think that the term 'mercenary' somehow has a negative connotation. I remind you of that wonderful quotation of Adam Smith when he said, 'You do not owe your daily bread to the benevolence of the baker, but to his proper regard for his own interest.'”

Milton Friedman

And this is much more broadly based. In fact, I think mercenary motives are among the least unattractive that we have.
Source: The Draft: A Handbook of Facts and Alternatives, Sol Tax, edit., chapter: “Recruitment of Military Manpower Solely by Voluntary Means,” chairman: Aristide Zolberg, University of Chicago Press (1967) p. 366, based on the Conference Held at the University of Chicago, December 4-7, 1966, also in Two Lucky People, Milton and Rose Friedman, Chicago: University of Chicago Press, 1998, p. 380.

Thinking , People