A Quote by Milton Friedman
The economic miracle that has been the United States was not produced by socialized enterprises, by government-unon-industry cartels or by centralized economic planning. It was produced by private enterprises in a profit-and-loss system. And losses were at least as important in weeding out failures, as profits in fostering successes. Let government succor failures, and we shall be headed for stagnation and decline.
Related Quotes
Concentrated power has always been the enemy of liberty. Democracy is worth dying for, because it's the most deeply honorable form of government ever devised by man.Entrepreneurs and their small enterprises are responsible for almost all the economic growth in the United States.
In permitting gambling enterprises to flourish in the United States and abroad, the United States undermines global socio-economic stability in contravention of its international obligations
Entrepreneurs and their small enterprises are responsible for almost all the economic growth in the United States.
We have always been prepared to negotiate with the U.S. government everything that has to do with bilateral relations, on a basis of the strictest mutual respect for the sovereign rights of each country. We will never try to ask the government of the United States to change its economic and political system.
In America, you keep on hearing productivity is low; secular stagnation, it's a new normal. It's just not true: We've had multiple wars; we're not educating our kids. We had government shut downs, badly-spent money, failures in the health system, failures and an extreme amount of regulation - that's why we're going slow.
Government-to-government aid rests on socialistic assumptions and promotes socialism and stagnation, whereas private foreign investment rest on capitalist assumptions and promotes private enterprise and maximum economic growth.
Is the United States going to decide, are the people of this country going to decide that their Federal Government shall in the future have no right under any implied power or any court-approved power to enter into a solution of a national economic problem, but that that national economic problem must be decided only by the States?... We thought we were solving it, and now it has been thrown right straight in our faces. We have been relegated to the horse-and-buggy definition of interstate commerce.
I'm one of those people who believes that part of the greatness of the United States is our private sector. It's what we do as private citizens for ourselves and our companies. And our economy is essentially the wonder of the world because, in fact, it's produced so much for us over the years. That's not government that does that.
On economic policy, my support of smaller government, lower taxes and economic reform is consistent with the mainstream of the Republican Party in the United States and with many Democrats as well.
In September 2008, the two largest housing mortgage companies called Fannie Mae and Freddie Mac, which were government-sponsored enterprises, which hold hundreds of billions of dollars of mortgages, because of the losses they took on the mortgages, they essentially became insolvent, and the government had to take them over.
There is a profiteer when it comes to oil. 36 to 63 cents per gallon is swept off the top. And who profits from that? The government profits from it. And what does the government do with much of that money? It puts it into so-called 'alternative energy,' with so-called phony 'green jobs' that we're yet to see being produced.
As more government functions are privatized, we find political leaders defunding the public school system, shifting government funds to the private, for-profit school industry.
If the present American laws concerning the taxation of the profits of corporations, the incomes of individuals, and inheritances had been introduced about 60 years ago, all those new products whose consumption has raised the standard of living of the 'common man' would either not be produced at all or only in small quantities for the benefit of a minority. The Ford enterprises would not exist if Henry Ford's profits had been taxed away as soon as they came into being.
Companies are not charitable enterprises: They hire workers to make profits. In the United States, this logic still works. In Europe, it hardly does.
Government-to-government foreign aid promotes statism, centralized planning, socialism, dependence, pauperization, inefficiency, and waste. It prolongs the poverty it is designed to cure. Voluntary private investment in private enterprise, on the other hand, promotes capitalism, production, independence, and self-reliance.
If democracy is justified in governing the state,then it must also be justified in governing economic enterprises, and to say that it is not justified in governing economic enterprises is to imply that it is not justified in governing the state.
Related Authors
Adam Smith Quotes
Scottish
Economist
Alan Greenspan Quotes
American
Economist
Benjamin Graham Quotes
American
Economist
Friedrich August von Hayek Quotes
Austrian
Economist
John Kenneth Galbraith Quotes
American
Economist
John Maynard Keynes Quotes
English
Economist
Joseph Stiglitz Quotes
American
Economist
Ludwig von Mises Quotes
Austrian
Economist
Muhammad Yunus Quotes
Bangladeshi
Economist
Murray Rothbard Quotes
American
Economist
Paul Craig Roberts Quotes
American
Economist
Paul Krugman Quotes
American
Economist
Richard Thaler Quotes
American
Economist
Robert Reich Quotes
American
Economist
Thomas Sowell Quotes
American
Economist
Walter E. Williams Quotes
American
Economist