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Quote by Milton Friedman

“There is no person, no theorist so reckless as he who says that the facts speak for themselves.”

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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 stock market crashed in October 1929. But that was not the cause of what caused the Great Depression. It was, in my opinion, a very minor element of it. What happened was that from 1929 to 1933 you had a major contraction which, in my opinion, was caused primarily by the failure of the Federal Reserve System, to follow the course of action for which it was set up. It was set up to prevent exactly what happened from 1929 to 1933. But instead of preventing it, they facilitated it.”

Action Courses Causes Opinion Happened Elements Majors Minors Reserves October Preventing Great Depression Federal Reserve Contractions

Author:Milton Friedman

“The Depression, which started in 1929 was rather mild from 1929 to 1930. And, indeed, in my opinion would have been over in 1931 at the latest had it not been that the Federal Reserve followed a policy which led to bank failures, widespread bank failures, and led to a reduction in the quantity of money.”

Has Beens Opinion Policy Quantity Reserves Reduction 1930s Federal Reserve

Author:Milton Friedman

“What happened was that for every $100 of money, by which I mean the cash that people keep in their pockets, and the deposits they have in the bank, for every $100 of money that there was in 1929, by 1933 there was only $67. The Federal Reserve allowed the quantity of money to decline by a third. While, at all times, it had the possibilities and the power of preventing that from happening.”

People Mean Happened Possibility Happenings Thirds All Time Pockets Cash Quantity Decline Reserves Preventing Federal Reserve Deposits

Author:Milton Friedman

“I think there is universal agreement within the economics profession that the decline - the sharp decline in the quantity of money played a very major role in producing the Great Depression.”

Thinking Roles Majors Economics Universal Profession Agreement Quantity Decline Great Depression

Author:Milton Friedman

“The Great Depression in the United States was caused - I won't say caused, was enormously intensified and made far worse than it would have been by bad monetary policy.”

Has Beens Made States United United States Policy Monetary Great Depression Monetary Policy

Author:Milton Friedman

“You never have real changes unless you have a time of crisis.”

Real Crisis Real Change Times Of Crisis

Author:Milton Friedman

“When you have a time of crisis what happens depends on what ideas are floating around, and what ideas have been developed, and thought through, and are made effective.”

Has Beens Made Ideas Happens Depends Crisis Floating Times Of Crisis

Author:Milton Friedman

“I believe the role that people like myself have played in the transformation of public opinion has been by persistently presenting a different point of view, a point of view which stresses the importance of private markets, of individual freedom, and the distorting effect of governmental policy.”

“The fall of the Berlin Wall really demonstrated beyond the shadow of a doubt that there was a bad system, and what subsequently happened in the Soviet Union, that that system was a failure.”

Fall Doubt Happened Wall Shadow Unions Soviet Soviet Union Berlin Berlin Wall

Author:Milton Friedman

Quote by Milton Friedman

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