“I don't know what monetarism is. If monetarism just means a good old-fashioned quantity theory, of course it has not failed. If it means the particular version of Milton Friedman, I think it has because he imagines that he can achieve — ascertain — a clear quantity relationship between a measurable quantity of money and the price level. I don't think that is possible. In fact, just about 40 years ago in the opening sentences of my book, Prices and Production, I wrote that it would be a great misfortune if people ever cease to believe in the quantity theory of money. It would be even worse ever to believe it literally. And that's exactly what Milton Friedman does.”

— Friedrich Hayek

"Interview with F. A. Hayek", in Cato Policy Report (February 1983)
1980s and later

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Friedrich Hayek 79

Austrian and British economist and Nobel Prize for Economic… 1899–1992

Gregory Bateson (1904–1980) English anthropologist, social scientist, linguist, visual anthropologist, semiotician and cyberneticist

Bateson (1978) " Number is Different from Quantity http://www.oikos.org/batesnumber.htm". In: CoEvolution Quarterly, Spring 1978, pp. 44-46

“All relationships of people to each other rest, as a matter of course, upon the precondition that they know something about each other. The merchant knows that his correspondent wants to buy at the lowest price and to sell at the highest price. The teacher knows that he may credit to the pupil a certain quality and quantity of information. Within each social stratum the individual knows approximately what measure of culture he has to presuppose in each other individual.”

Georg Simmel (1858–1918) German sociologist, philosopher, and critic

Source: The Sociology of Secrecy and of Secret Societies (1906), p. 441: First lines of the article.

“Although I realize that Austrian-school economists have themselves been highly critical of monetarism, many of its most fundamental claims are in fact fully consistent with their own understanding of monetary theory. Indeed, back in the 1970s the difference between Austrian and monetarists writings about money seemed trivial compared to the difference between them and the writings of other (broadly "Keynesian") economists. I recall very well how I myself got "deprogrammed" from mainstream thinking about money and inflation by reading Henry Hazlitt's wonderful book, The Inflation Problem, and How to Resolve It. Hazlitt was, of course, a thoroughgoing Misesian. Yet no one who reads his book can fail to note the many crucial similarities between his arguments and those of Milton Friedman concerning the same subject.”

George Selgin (1957) economist

In Defense of Monetarism (2008)

“I don't like criticizing Milton Friedman not only because he is an old friend but because, outside of monetary theory, we are in complete agreement. Our general views on what is desired and what is not are almost identical until we get on to money. But if I told him what I said before, that I very much doubt whether monetary policy has ever done anything good, he would disagree. He personally is convinced that a good monetary policy is a foundation for everything.”

Friedrich Hayek (1899–1992) Austrian and British economist and Nobel Prize for Economics laureate

Exclusive Interview with F.A. Hayek by James U. Blanchard III, in Cato Policy Report (May/June 1984)
1980s and later

“I don't know what this feather means, the story of it, but I know it means he was thinking of me. For all these years. He remembered me.”

Khaled Hosseini book And the Mountains Echoed

Source: And the Mountains Echoed

“I don't know, we played a show for like, ten kids, but those ten kids were just insane. It's really quantity, not quality, and that's what I really -- (Pete cuts him off) Pete: It's quality, not quantity. You said it backwards. I don't want you to look like a dumbass… on film.”

Patrick Stump (1984) American musician

My Heart Will Always be the B-Side to My Tongue DVD

“The quantity of money, which is readily parted with to obtain a thing is called its price.”

Jean-Baptiste Say (1767–1832) French economist and businessman

Source: A Treatise On Political Economy (Fourth Edition) (1832), Book I, On Production, Chapter I, p. 61

“One of the great moral advances of the Enlightenment was abolishing torture. Its interesting to think how far we've come when we think about the fact that 300 years ago in every square of every civilized city, certainly in Europe, torturing people to death was not just that took place, but was something you would've taken your children to go and see on a Saturday afternoon. Right? I mean, that's what was happening. Now, the question is what did people learn, empirically, when they decided, "Oh gosh, drawing and quartering actually causes too much suffering; I think we'll put it out?" I mean, I don't think there's a fact that changed there that somebody had to realize. I think the example, by the way, is particularly important because while it shows that there can be moral progress, it also shows that it's absolutely not necessary, and there can also be moral regression, as in the case of the current administration. But I don't see that what's taking place somehow when Bush decides to legalize torture and thereby cancel one of the major achievements of the Enlightenment (Well he has! Right? I mean many of the achievements of the enlightenment, but that one in particular.) I don't see that what's happened is that there's something that he doesn't know. That he could somehow be tutored on.”

Susan Neiman (1955) American academic

Beyond Belief conference (November 2006)

“I adore the way he looks at me sometimes, as if love is a quantity he cannot measure scientifically, because it multiplies too quickly.”

Jodi Picoult (1966) Author

“The use of quantity of money as a target has not been a success. I'm not sure that I would as of today push it as hard as I once did.”

Milton Friedman (1912–2006) American economist, statistician, and writer

Financial Times [UK] (7 June 2003)

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