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Milton Friedman

Economist

1912–2006

Biography

Milton Friedman (1912-2006) was an influential American economist and statistician, best known for his strong belief in free-market capitalism. In 1976, he received the Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history, and the complexity of stabilization policy. His seminal work, "A Monetary History of the United States, 1867–1960," co-authored with Anna Schwartz, profoundly impacted monetary policy. Friedman also authored "Capitalism and Freedom" (1962), where he argued for minimal government intervention in the economy. Additionally, he developed the permanent income hypothesis, reshaping understanding of consumer behavior. Friedman's role as a public intellectual extended to his column in Newsweek and the TV series "Free to Choose."

About

Born July 31, 1912

Died November 16, 2006

Birthplace Brooklyn, New York, USA

Nationality American

Education PhD in Economics

School Columbia University

Resting Place Hills of Eternity Memorial Park, Colma, California, USA

Popular Quotes

"I am in favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever it's possible"

Economic policy Public finance Government policy Financial management

"Concentrated power is not rendered harmless by the good intentions of those who create it"

Ethics Responsibility Power Control

"Nothing is so permanent as a temporary government program"

Politics Government Economics Policy

"The power to do good is also the power to do harm"

Human nature Ethics Responsibility Morality

"Underlying most arguments against the free market is a lack of belief in freedom itself"

Freedom Liberty Individual rights Capitalism

"The great advances of civilization whether in architecture or painting in science or literature in industry or agriculture have never come from centralized government"

Innovation Literature Science Government

"The government solution to a problem is usually as bad as the problem."

Government Problem-solving Criticism Governance

"A society that puts equality before freedom will get neither. A society that puts freedom before equality will get a high degree of both."

Philosophy Freedom Society Values

"One of the great mistakes is to judge policies and programs by their intentions rather than their results."

Decision making Accountability Politics Public policy

"Inflation is taxation without legislation."

Government Economics Economic policy Legislation

"The only way that has ever been discovered to have a lot of people cooperate together voluntarily is through the free market. And that's why it's so essential to preserving individual freedom."

Collaboration Liberty Cooperation Capitalism