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Quote by Milton Friedman

“Socialism, in the traditional sense, meant government ownership and operation of the means of production. Outside of North Korea and a couple of other spots, no one in the world today would define socialism that way. That will never come back.”

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Milton Friedman

Milton Friedman was a renowned economist known for his contributions to the field of free-market economics. His research in monetary economics, consumer behavior, and tax policy has had a profound impact. more

“The only reason there is a crisis about Social Security in the US and pensions in Europe and Japan is that you cannot maintain a "Ponzi" scheme indefinitely. We have collected from today's young to pay today's old and counted on tomorrow's young to keep doing so. That was a fine scheme as long as the number of young people was rising faster than old people. When that ratio comes to an end, such a system also has to end.”

People Long Ends Reason Today Young Social Numbers Pay Security Fine Tomorrow Europe Crisis Faster Rising Japan Schemes Old People Social Security Pension Ratios Ponzi Scheme

Author:Milton Friedman

“It all would have been much better if individuals saved for their own old age.”

Ifs Has Beens Age Individual Saved Old Age

Author:Milton Friedman

“Why is it that private insurance companies are not in trouble because people are getting older? Aren't they subject to the same demographics? The difference is that they've accumulated a fund, not a pay-in, pay-out system.”

People Differences Pay Company Trouble Subjects Fund Getting Old Getting Older Demographics Insurance Companies Private Insurance

Author:Milton Friedman

Quote by Milton Friedman

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