Milton Friedman’s misfortune is that his economic policies have been tried.

Inflation does not lubricate trade but by rescuing traders from their errors of optimism or stupidity.

The commencement speech is not, I think, a wholly satisfactory manifestation of our culture.

Over the span of man's history, although a phenomenal amount of education, persuasion, indoctrination and incantation have been devoted to the effort, ordinary people have never been quite persuaded that toil is as agreeable as its alternatives. Thus to take increased well-being partly in the form of more goods and partly in the form of more leisure is unquestionably rational.

Partly, the Russian system succeeds because, in contrast to the Western industrial economies, it makes full use of its manpower.

It is almost as important to know what is not serious as to know what is.

It takes some skill to spoil a breakfast - even the English can't do it.