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More Quotes by Milton Friedman
A minimum-wage law is, in reality, a law that makes it illegal for an employer to hire a person with limited skills.
We economists don't know much, but we do know how to create a shortage. If you want to create a shortage of tomatoes, for example, just pass a law that retailers can't sell tomatoes for more than two cents per pound. Instantly you'll have a tomato shortage. It's the same with oil or gas.
Higher taxes never reduce the deficit. Governments spend whatever they take in and then whatever they can get away with.
We have a system that increasingly taxes work and subsidizes nonwork.
Inflation is the one form of taxation that can be imposed without legislation.
The essential notion of a capitalist society ... is voluntary cooperation, voluntary exchange. The essential notion of a socialist society is force.
If you pay people not to work and tax them when they do, don't be surprised if you get unemployment.
The great virtue of a free market system is that it does not care what color people are; it does not care what their religion is; it only cares whether they can produce something you want to buy. It is the most effective system we have discovered to enable people who hate one another to deal with one another and help one another.
The key insight of Adam Smith's Wealth of Nations is misleadingly simple: if an exchange between two parties is voluntary, it will not take place unless both believe they will benefit from it. Most economic fallacies derive from the neglect of this simple insight, from the tendency to assume that there is a fixed pie, that one party can gain only at the expense of another.
Nobody spends somebody else's money as carefully as he spends his own.
