Milton Friedman

EQUALITY AND FREEDOM

“A society that puts equality before freedom will get neither. A society that puts freedom before equality will get a high degree of both.”

FREEDOM & FREE MARKETS

“Underlying most arguments against the free market is a lack of belief in freedom itself.”

GOVERNMENT PROGRAMS

“Nothing is as permanent as a temporary government program.”

INFLATION

“Inflation is always and everywhere a monetary phenomenon.”

Milton Friedman, “The Counter-Revolution in Monetary Theory,” IEA Occasional Paper, no. 33 (London: The Institute of Economic Affairs, 1970), 11.

INTENTIONS vs. RESULTS

“One of the great mistakes is to judge policies and programs by their intentions rather than their results.”

PROPERTY RIGHTS

“I think that nothing is so important for freedom as recognizing in the law each individual’s natural right to property, and giving individuals a sense that they own something that they’re responsible for, that they have control over, and that they can dispose of.”

SELF-INTEREST & FREE ENTERPRISE

“The world runs on individuals pursuing their separate interests. The great achievements of civilization have not come from government bureaus. Einstein didn’t construct his theory under order from a bureaucrat. Henry Ford didn’t revolutionize the automobile industry that way. In the only cases in which the masses have escaped from the kind of grinding poverty you’re talking about, the only cases in recorded history, are where they have had capitalism and largely free trade. If you want to know where the masses are worse off, worst off, it’s exactly in the kinds of societies that depart from that. So that the record of history is absolutely crystal clear, that there is no alternative way so far discovered of improving the lot of the ordinary people that can hold a candle to the productive activities that are unleashed by the free-enterprise system.”