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Rest in Peace Milton Friedman

By ATWadmin On November 17th, 2006

friedman.jpgMilton Friedman, Nobel Prize-winning Economist and champion of Freedom has passed away, aged 94. Here’s the notice from his Foundation.  In tribute, I present some quotes from the great man:

“Concentrated power is not rendered harmless by the good intentions of those who create it.”

“Many people want the government to protect the consumer. A much more urgent problem is to protect the consumer from the government.”

“Governments never learn. Only people learn.”

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

“In a bureaucratic system, useless work drives out useful work.”

“Hell hath no fury like a bureaucrat scorned.”

“The problem of social organization is how to set up an arrangement under which greed will do the least harm, capitalism is that kind of a system.”

“History suggests that capitalism is a necessary condition for political freedom. Clearly it is not a sufficient condition.”

“We have a system that increasingly taxes work and subsidizes nonwork.”

“I am favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever it’s possible.”

“Nobody spends somebody else’s money as carefully as he spends his own. Nobody uses somebody else’s resources as carefully as he uses his own. So if you want efficiency and effectiveness, if you want knowledge to be properly utilized, you have to do it through the means of private property.”

“The most important single central fact about a free market is that no exchange takes place unless both parties benefit.”

“The power to do good is also the power to do harm.”

“Underlying most arguments against the free market is a lack of belief in freedom itself.”

“Keynes was wrong on just about everything, and his followers are wrong on absolutely everything.”

“Inflation is the one form of taxation that can be imposed without legislation.”

“Inflation is like a drug. Its stimulating effect is temporary. Only larger and larger doses can sustain the stimulus, before the chaos of hyperinflation removes all the gains.”


and of course:


"There’s no such thing as a free lunch."


11 Responses to “Rest in Peace Milton Friedman”

  1. rest in peace the father of reaganomics….

    off topic here’s an article for all the global warming wackos


    Polution will save us…

  2. God rest his soul. He was a great man.

  3. Well said Richard – Milton was a great man!

  4. Some interesting quotes.

    I like this one particularly

    "The problem of social organization is how to set up an arrangement under which greed will do the least harm"

  5. One less good guy in the world
    RIP Milton.

  6. I’m a bit of a Keynesian sympathiser but always had a soft spot for Friedman. For a start he was fairly witty, and he had consistent and uncompromising views on personal liberty (I believe he supported the legalisation of recreational drugs but I could be wrong on that).
    RIP MIlton.

  7. He was a great man who has done more for the cause of freedom than most people alive today,

    I’ve just been reading the bile spewing out on the BBC and Guardian about him and it strikes me how whilst you often see the left rejoicing in the death of their political opponants it seldom happens the other way round.

  8. Andy,you are correct about Friedman’s views on drugs. This is a good summary of his opinion on the illegality of drugs- http://corner.nationalreview.com/post/?q=ZDYzMzQ4ZjZlOWY0YWFkZjA1OTk5YWE0OTE1YjEyOWY=

  9. Ross – thanks for that. I think I had seen a couple of sentences of that article quoted elsewhere.

  10. Andy,

    "I’m in favor of legalizing drugs. According to my values system, if people want to kill themselves, they have every right to do so. Most of the harm that comes from drugs is because they are illegal."

    I was spoilt for choice with quotes, so didn’t include this one. (I hope you didn’t skim over the one on Keynes above!)

  11. Richard – I guess no-one’s perfect :- )