552 Quotes by Milton Friedman

If you do not force political freedom, economic freedom will be stymied sooner or later.

A society that aims for equality before liberty will end up with neither equality nor liberty. And a society that aims first for liberty will not end up with equality, but it will end up with a closer approach to equality than any other kind of system that has ever been developed.

I think it's a scandal what has been happening in the school system so far as lower income classes. The dropout rates, the illiteracy rate, you know literacy in the United States was a lot higher in 1890 than it is now.

I think in some ways it would make more sense to have as a poverty level a relative concept and say, the level of poverty is that level of income or that level of consumption below which 10 percent of the people now are.

Doing good with other people's money has two basic flaws. In the first place, you never spend anybody else's money as carefully as you spend your own. So a large fraction of that money is inevitably wasted. In the second place, and equally important, you cannot do good with other people's money unless you first get the money away from them. So that force - sending a policeman to take the money from somebody's pocket - is fundamentally at the basis of the philosophy of the welfare state.

To the best of my knowledge, there has never been a monetary union, putting out a fiat currency, composed of independent states.

We had much freer trade in the 19th century. We have much less globalization now than we did then.

If you have free immigration, in the way we had it before 1914, everybody benefited. The people who were here benefited. The people who came benefited. Because nobody would come unless he, or his family, thought he would do better here than he would elsewhere. And, the new immigrants provided additional resources, provided additional possibilities for the people already here. So everybody can mutually benefit.

Consider Social Security. The young have always contributed to the support of the old. Earlier, the young helped their own parents out of a sense of love and duty. They now contribute to the support of someone else's parents out of compulsion and fear. The voluntary transfers strengthened the bonds of the family; the compulsory transfers weaken those bonds.