There are many famous economists who can inspire us with their wisdom and experience, for example, through the great phrases of Milton Friedman. This American achieved an important reputation in the second half of the XNUMXth century. It was then that he became one of the main critics of economic theories related to John Maynard Keynes. He described a mixed economy model that became the general norm for a large number of developed countries during the time of World War II.
Due to the importance and influence that Friedman had at the time, we are going to dedicate this article to him. We will talk a little about his biography and his theory, but we will especially highlight the phrases of Milton Friedman.
The 12 best phrases of Milton Friedman
Friedman was described by The Economist, as "The most influential economist of the second half of the XNUMXth century" and "a giant among economists." For this reason, Milton Friedman's phrases are not wasted. It is advisable to read them in order to encourage our critical thinking:
- "Most of the arguments against the free market are based on a lack of confidence in freedom itself."
- «I am in favor of legalizing drugs. According to my value system, if people want to commit suicide, they have every right to do so. Most of the harm that comes from drugs is because they are illegal. "
- "With a few exceptions, entrepreneurs are in favor of the free market, but they are opposed when it comes to their own business."
- "It is a moral problem that the government is turning into criminals people who may be doing something that you and I do not approve, but something that is not hurting anyone else."
- "One of the big mistakes is judging policies and programs by their intentions rather than their results."
- "You have to clearly distinguish between being a pro-market and being a pro-business."
- “The society that puts equality before freedom will have neither. The society that puts freedom before equality will get a large measure of both. '
- Governments never learn; only people learn.
- “We have to recognize that we should not expect an unattainable utopia. I'd like to see a lot less government activity than we have now, but I don't think we can have a situation where we don't need government at all. "
- «The great virtue of a free market system is that the market does not care about the color of the people; he doesn't care what his religion is; you only care if you can produce something you want. It is the most effective system that we have discovered to allow people who hate each other to cooperate and help each other.
- 'The argument for drug prohibition is exactly as strong and as weak as the argument for prohibition of overeating. We all know that overeating causes more deaths than drugs.
- «There are four ways to spend money: You can spend your own money, on yourself. And when you spend your own money on yourself, you are very careful where you spend it, and you make sure you get the most for every dollar. You can spend your own money, on others. For example, I buy a gift for someone. When you do this, you are careful not to spend too much, but you also don't care so much about the content of the gift. You can spend someone else's money, on yourself. Well, and if you spend someone else's money on you, then you make sure you have a good meal. Finally, you can spend someone else's money, on someone else. And if I can spend other people's money on someone else, then I don't care about how much money I spend or what I buy. And that is what the government does and represents about 40% of the national income ”.
Who is Friedman?
Now that we know the twelve best phrases of Milton Friedman, let's talk a little about who this man was. He was born in 1912 in Brooklyn. His Jewish family had modest resources, but even so, Friedman managed to excel academically at a young age and graduate from high school at just 16 years old. Later, he attended classes in mathematics and economics at Rutgers University. He finished his education with a master's degree in economics from the University of Chicago. After 30 years of teaching, he ended up retiring in 1977.
Milton Friedman received a Nobel Prize for his contributions to economics. Even after his retirement, this great economist continued to speak and write publicly until his passing in 2006.
What is Milton Friedman's theory?
It should be noted that Milton Friedman was the founder of the so-called monetarist theory. It is a theory according to which the forces of the free market are, as a general rule, more efficient than any public intervention in promoting stable economic growth without inflationary pressures.
I hope Milton Friedman's great quotes have inspired you and helped you gain new insights. Knowing the great economists, their thoughts and their methods are always a good option to learn and grow.