Quote
"The basic error, which was widespread long before Friedman and the new monetarism, lies in the assumption that regards the money supply as the source of the demand for goods and services."
M
Milton FriedmanWhy should they also be accepted by private persons in private transac — Milton Friedman
"Why should they also be accepted by private persons in private transactions in exchange for goods and services? The short answer—and the right answer—is that private persons accept these pieces of paper because they are confident that others will. The pieces of green paper have value because everybody thinks they have value. Everybody thinks they have value because in everybodys experience they have had value..."
M
Milton Friedman
Milton Friedman
author
Milton Friedman was an American economist and statistician who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy. With George Stigler, Friedman was among the intellectual leaders of the Chicago school of economics, a neoclassical school of economic thought associated with the
More by Milton Friedman
View all →Quote
"Friedman is the rights Chomsky. Non-experts (can) rarely appreciate the depth of their academic contributions."
M
Milton FriedmanQuote
"Milton Friedman may well be the worlds best-known economist. He has turned his unprepossessing stature and manner into a trademark persona; a feisty conservative David battling the Goliath of Big Government. But his influence is not merely a matter of skill at propaganda. It rests on the long campaign that he waged against the ideas of Keynesian economics, a campaign that eventually bore fruit in radical changes in both economic ideology and real-world economic policy."
M
Milton FriedmanQuote
"On the whole, the monetarism for which Friedman first became famous seems clever, brilliantly argued, but shallow—and perhaps even a bit disingenuous. Friedmans writings from that period have the feel of a smart man who knows what he wants to believe looking hard for supporting arguments."
M
Milton FriedmanQuote
"Everything reminds Milton of the money supply. Well, everything reminds me of sex, but I keep it out of the paper."
M
Milton FriedmanQuote
"Although Humans are not irrational, they often need help to make more accurate judgments and better decisions, and in some cases policies and institutions can provide that help. These claims may seem innocuous, but they are in fact quite controversial. As interpreted by the important Chicago school of economics, faith in human rationality is closely linked to an ideology in which it is unnecessary and even immoral to protect people against their choices. Rational people should be free, and they should be responsible for taking care of themselves. Milton Friedman, the leading figure in that school, expressed this view in the title of one of his popular books: Free to Choose."
M
Milton Friedman