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Quote by Milton Friedman

“Central bankers always try to avoid their last big mistake. So every time there's the threat of a contraction in the economy, they'll over stimulate the economy, by printing too much money. The result will be a rising roller coaster of inflation, with each high and low being higher than the preceding one.”

Quote by Milton Friedman

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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“[U]nemployment is ... a side effect of the cure for inflation.”

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“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.”

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Book:Capitalism and Freedom: Fortieth Anniversary Edition

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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.”

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“[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.”

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“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.”

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“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.”

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

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

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“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.”

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

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

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