A Quote by Milton Friedman

The most important single central fact about a free market is that no exchange takes place unless both parties benefit.

Quote Topics

About Benefit Both Both Parties Central Exchange Fact Free Free Market Important Market Most Parties Place Single Takes The Most Important Unless

Quote Author

Milton Friedman
American - Economist
July 31, 1912 - November 16, 2006

Adam Smith's key insight was that both parties to an exchange can benefit and that, so long as cooperation is strictly voluntary, no exchange can take place unless both parties do benefit.

Milton Friedman

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.

Milton Friedman

Growing up, I had a sense of the importance of commerce and trade to everyday life. Our family lived in several countries, and I was fascinated by the free exchange of goods and services between individuals and companies - the way both parties could benefit.

Muhtar Kent

We can't leave everything to the free market. In fact, climate change is, I would argue, the greatest single free-market failure. This is what happens when you don't regulate corporations and you allow them to treat the atmosphere as an open sewer.

Naomi Klein

The lesson for Asia is; if you have a central bank, have a floating exchange rate; if you want to have a fixed exchange rate, abolish your central bank and adopt a currency board instead. Either extreme; a fixed exchange rate through a currency board, but no central bank, or a central bank plus truly floating exchange rates; either of those is a tenable arrangement. But a pegged exchange rate with a central bank is a recipe for trouble.

Milton Friedman

The free market is not only a more efficient decision maker than even the wisest central planning body, but even more important, the free market keeps economic power widely dispersed.

Milton Friedman

I am a conservative Republican, a firm believer in free market capitalism. A free market system allows all parties to compete, which ensures the best and most competitive project emerges, and ensures a fair, democratic process.

Sarah Palin

Thus far, both political parties have been remarkably clever and effective in concealing this new reality. In fact, the two parties have formed an innovative kind of cartel—an arrangement I have termed America’s political duopoly. Both parties lie about the fact that they have each sold out to the financial sector and the wealthy. So far both have largely gotten away with the lie, helped in part by the enormous amount of money now spent on deceptive, manipulative political advertising.

Charles Ferguson

We must continue to liberalise the single market, cut red tape and basically create a digital single market. We have not completed the single market yet, there is not sufficient free movement of goods, labour, services and money. We have to keep on working at that against all the protectionist tendencies that we have right now.

Alexander Stubb

Outside the firm, price movements direct production, which is co-ordinated through a series of exchange transactions on the market. Within a firm, these market transactions are eliminated and in place of the complicated market structure with exchange transactions is substituted the entrepreneur-co-ordinator, who directs production.

Ronald Coase

It seems to me that a market exchange rate which is not artificially controlled by central banks enables one to balance the interests of different market players - exporters and importers, investors, borrowers, lenders.

Elvira Nabiullina

The blessing that the market does not ask about birth is paid for in the exchange society by the fact that the possibilities conferred by birth are molded to fit the production of goods that can be bought on the market.

Theodor Adorno

Many European parties, including the conventional parties in France, no longer have the ability to keep people together. And in terms of the coalition government, I am convinced that Angela Merkel has the necessary will and ambition. I want to be very cautious with my statements about her coalition negotiations, but support for Europe is part of the DNA of both the Greens and the Free Democratic Party. I was very pleased that the heads of both parties spoke out positively about the European project.

Emmanuel Macron

It's very important that there should be cross-fertilisation between government and academia. Both parties can benefit from having a better understanding of how the other works.

Nicholas Stern

A nation's exchange rate is the single most important price in its economy; it will influence the entire range of individual prices, imports and exports, and even the level of economic activity. So it is hard for any government to ignore large swings in its exchange rate.

Paul Volcker

Although floating and fixed rates appear dissimilar, they are members of the same freemarket family. Both operate without exchange controls and are free-market mechanisms for balance-of-payment adjustments.

Steve Hanke

A Quote by Milton Friedman

Quote Topics

Quote Author

Related Quotes

Related Authors