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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 word 'free' is used three times in the Declaration of Independence and once in the First Amendment to the Constitution, along with 'freedom.' The word 'fair' is not used in either of our founding documents.
Higher taxes never reduce the deficit. Governments spend whatever they take in and then whatever they can get away with.
A society that puts equality before freedom will get neither. A society that puts freedom before equality will get a high degree of both.
If you put the federal government in charge of the Sahara Desert, in 5 years there'd be a shortage of sand.
We have a system that increasingly taxes work and subsidizes nonwork.
You cannot simultaneously have free immigration and a welfare state.
One of the great mistakes is to judge policies and programs by their intentions rather than their results.
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.
Corruption is government intrusion into market efficiencies in the form of regulations.
Nobody spends somebody else's money as carefully as he spends his own.
