Wisdom from a Great Economist

One of my favorite economists is Milton Friedman (1912-2006). Friedman taught at the University of Chicago for more than three decades. He offers great wisdom about economics, government, and life. Here are his words:
  • Underlying most arguments against the free market is a lack of belief in freedom itself. Milton Friedman
  • Governments never learn. Only people learn. Milton Friedman
  • I am in favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever it's possible. Milton Friedman
  • Inflation is taxation without legislation. Milton Friedman
  • Most of the energy of political work is devoted to correcting the effects of mismanagement of government. Milton Friedman
  • Nothing is so permanent as a temporary government program. Milton Friedman
  • The government solution to a problem is usually as bad as the problem. Milton Friedman
  • The greatest advances of civilization, whether in architecture or painting, in science and literature, in industry or agriculture, have never come from centralized government. Milton Friedman
  • The power to do good is also the power to do harm. Milton Friedman
  • The problem of social organization is how to set up an arrangement under which greed will do the least harm, capitalism is that kind of a system. Milton Friedman
To wrap this up listen to how Friedman answers the question about capitalism and greed in an interview with Phil Donahue in 1979. (Quote source:  http://www.economicnoise.com/quotes/quotes/)

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