Economist:Milton Friedman

Milton Friedman

Biography

American economist and statistician who received the 1976 Nobel Prize in Economic Sciences. A leader of the Chicago School of economics.

School of Thought

Chicago School

Notable Quotes

On Deflation and Central Banking

"Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output."

—Milton Friedman, A Monetary History of the United States (1963), p. 17, Princeton University Press

On Economic Measurement in Digital Economy

"The Great Depression, like most other periods of severe unemployment, was produced by government mismanagement rather than by any inherent instability of the private economy."

—Milton Friedman, Free to Choose (1980), p. 71, Harcourt Brace Jovanovich

Additional Notable Quotes

On Zero Marginal Cost Society

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

—Milton Friedman, There's No Such Thing as a Free Lunch (1975), p. ix, Open Court

On AI Governance and Regulation

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

—Milton Friedman, An Economist's Protest (1972), p. 6, Thomas Horton & Company

On Economic Measurement in Digital Economy

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

—Milton Friedman, Interview with Richard Heffner (1975), December 7, 1975