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Quote by Milton Friedman

“With respect to teachers' salaries .... Poor teachers are grossly overpaid and good teachers grossly underpaid. Salary schedules tend to be uniform and determined far more by seniority.”

Quote by Milton Friedman

Book:Capitalism and Freedom: Fortieth Anniversary Edition

Work

Capitalism and Freedom: Fortieth Anniversary Edition

This book delves into the core concepts of capitalism and its implications for economic freedom. Written by a renowned economist, it offers an in-depth analysis of economic policies and their effects on society, reflecting on the evolution of economic thought over four decades. more

Author

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

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“Spending by government currently amounts to about 45 percent of national income. By that test, government owns 45 percent of the means of production that produce the national income. The U.S. is now 45 percent socialist.”

Mean Government Produce Amount Percent Tests Productions Spending Income Socialist

Author:Milton Friedman

“[Trade licensing] almost inevitably becomes a tool in the hands of a special producer group to maintain a monopoly position at the expense of the rest of the public. There is no way to avoid this result.”

Way Hands Results Groups Special Position Tools Trade Producers Expenses Monopoly Licensing

Author:Milton Friedman

“Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output... A steady rate of monetary growth at a moderate level can provide a framework under which a country can have little inflation and much growth. It will not produce perfect stability; it will not produce heaven on earth; but it can make an important contribution to a stable economic society.”

“There are very few monsters who warrant the fear we have of them.”

Inspirational Inspiration Fear Monsters Fearless Halloween Being Afraid Warrants Do Not Fear Face Your Fears Conquering Fear

Author:Andre Gide

“No major institution in the US has so poor a record of performance over so long a period as the Federal Reserve, yet so high a public reputation.”

Long Poor Records Periods Majors Performances Institutions Reputation Reserves Federal Reserve

Author:Milton Friedman

“I am convinced that the minimum-wage law is the most anti-Negro law on our statute books in its effect, not its intent.”

Book Law Effects Convinced Minimum Minimum Wage Statutes

Book:An economist's protest: columns in political economy

Source: An economist's protest: columns in political economy

“If we have system in which government is in a position to give large favor - it's human nature to try to get this favor - whether those people are large enterprises, or whether they're small businesses like farmers, or whether they're representatives of any other special group. The only way to prevent that is to force them to engage in competition one with the other.”

People Ifs Way Giving Trying Humans Government Force Groups Special Human Nature Position Competition Favors Enterprise Farmers Representatives Small Business

Author:Milton Friedman

“In this day and age, we need to revise the old saying to read, "Hell hath no fury like a bureaucrat scorned.”

Needs Age Hell This Day Fury Bureaucrats Old Saying Scorned Hell Hath No Fury

Book:Bright Promises, Dismal Performance: An Economist's Protest

Source: Bright Promises, Dismal Performance: An Economist's Protest

“The broader and more influential organisations of businessmen have acted to undermine the basic foundation of the free market system they purport to represent and defend.”

Foundation Businessman Free Market Influential Organisation

Book:The suicidal impulse of the business community

Source: The suicidal impulse of the business community

“They think that the cure to big government is to have bigger government... the only effective cure is to reduce the scope of government - get government out of the business.”

Thinking Bigs Government Bigger Cures Scope Big Government

Author:Milton Friedman