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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.
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More Quotes by Milton Friedman
The government solution to a problem is usually as bad as the problem.
The only corporate social responsibility a company has is to maximize its profits.
One of the great mistakes is to judge policies and programs by their intentions rather than their results.
We have a system that increasingly taxes work and subsidizes nonwork.
Inflation is taxation without legislation.
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.
When you start paying people to be poor, you wind up with an awful lot of poor people.
You cannot simultaneously have free immigration and a welfare state.
A society that puts equality before freedom will get neither. A society that puts freedom before equality will get a high degree of both.
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.
