Milton Friedman: Doing

Milton Friedman was American economist, statistician, and writer. Explore interesting quotes on doing.
Milton Friedman: 316 quotes11 likes

“In the past century a myth has grown up that free market capitalism—equality of opportunity as we have interpreted that term—increases such inequalities, that it is a system under which the rich exploit the poor. Nothing could be further from the truth. Wherever the free market has been permitted to operate, wherever anything approaching equality of opportunity has existed, the ordinary man has been able to attain levels of living never dreamed of before. Nowhere is the gap between rich and poor wider, nowhere are the rich richer and the poor poorer, than in those societies that do not permit the free market to operate.”

Milton Friedman book Free to Choose

Source: Free to Choose (1980), Ch. 5 “Created Equal”, p. 146

“The supporters of tariffs treat it as self-evident that the creation of jobs is a desirable end, in and of itself, regardless of what the persons employed do. That is clearly wrong. If all we want are jobs, we can create any number—for example, have people dig holes and then fill them up again, or perform other useless tasks. Work is sometimes its own reward. Mostly, however, it is the price we pay to get the things we want. Our real objective is not just jobs but productive jobs—jobs that will mean more goods and services to consume.”

Milton Friedman book Free to Choose

Source: Free to Choose (1980), Ch. 2 “The Tyranny of Controls”, pp. 40-41

“What country in the world today engages in the most extreme anti-Semitic persecution? The Soviet Union. It’s not an accident, because if you have a society with concentrated power, if you have a collectivist society, it’s going to be in a position to exercise the preferences and prejudices of its rulers. Moreover, it’s going to have an incentive to do so, because it’s going to need a scapegoat and it will choose some group like the Jews or the blacks to be the scapegoat.”

Milton Friedman

“Interview with Milton Friedman”, Playboy magazine (Feb. 1973)

“We want the kind of world in which greedy people can do the least harm to their fellow men. That’s the kind of world in which power is widely dispersed and each of us has as many alternatives as possible.”

Milton Friedman

“Interview with Milton Friedman”, Playboy magazine (Feb. 1973)

“What kind of society isn’t structured on greed?… So the problem of social organization is how to set up an arrangement under which greed will do the least harm. It seems to me that the great virtue of capitalism is that it’s that kind of system. Because under capitalism, the power of any one individual over his fellow man is relatively small.”

Milton Friedman

“Interview with Milton Friedman”, Playboy magazine (Feb. 1973)

“The old saw is that the Quakers went to the New World to do good and ended up doing well. Today, well-meaning reformers go to Washington to do good and end up doing harm.”

Milton Friedman

Source: An Economist's Protest: Columns in Political Economy (1966), p. 155

“Those of us who believe in freedom must believe also in the freedom of individuals to make their own mistakes. If a man knowingly prefers to live for today, to use his resources for current enjoyment, deliberately choosing a penurious old age, by what right do we prevent him from doing so? We may argue with him, seek to persuade him that he is wrong, but are we entitled to use coercion to prevent him from doing what he chooses to do? Is there not always the possibility that he is right and that we are wrong? Humility is the distinguishing virtue of the believer in freedom; arrogance, of the paternalist.”

Milton Friedman book Capitalism and Freedom

Source: Capitalism and Freedom (1962), Ch. 11, Social Welfare Measures, p. 187

“Few trends could so thoroughly undermine the very foundations of our free society as the acceptance by corporate officials of a social responsibility other than to make as much money for their stockholders as possible. This is a fundamentally subversive doctrine. If businessmen do have a social responsibility other than making maximum profits for stockholders, how are they to know what it is? Can self-selected private individuals decide what the social interest is? Can they decide how great a burden they are justified in placing on themselves or their stockholders to serve that social interest?”

Milton Friedman book Capitalism and Freedom

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

“The power to do good is also the power to do harm; those who control the power today may not tomorrow; and, more important, what one man regards as good, another may regard as harm.”

Milton Friedman book Capitalism and Freedom

Introduction, p. 3
Capitalism and Freedom (1962)

“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)

“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

“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)

“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)

“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)

“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.