“The price system works so well, so efficiently, that we are not aware of it most of the time. We never realize how well it functions until it is prevented from functioning, and even then we seldom recognize the source of the trouble.”

Source: Free to Choose (1980), Ch. 1 "The Power of the Market", p. 14

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Milton Friedman158

American economist, statistician, and writer 1912–2006

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Variants:
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As quoted in A History of Ancient Philosophy: From the Beginning to Augustine (1998) by Karsten Friis Johansen, p. 382
One swallow (they say) no Sommer doth make.
John Davies, in The Scourge of Folly (1611)
One swallow yet did never summer make.
As rendered by William Painter in Chaucer Newly Painted (1623)
One swallow does not make a spring, nor does one sunny day; similarly, one day or a short time does not make a man blessed and happy.
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“The price system works so well, so efficiently, that we are not aware of it most of the time. We never realize how well it functions until it is prevented from functioning, and even then we seldom recognize the source of the trouble.”

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Milton Friedman158

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