The important issue is not how much inequality there is but how much opportunity there is for individuals to get out of the bottom classes and into the top. If there is enough movement upward, people will accept the efficiency of the markets. If you have opportunity, there is a great tolerance for inequality. That has been the saving grace of the American system.
Milton FriedmanA real gold standard is thoroughly consistent with [classical] liberal principles and I, for one, am entirely in favor of measures promoting its development.
Milton FriedmanPeople who intend only to seek their own benefit are โled by an invisible hand to serve a public interest which was no part ofโ their intention. I say that there is a reverse invisible hand: People who intend to serve only the public interest are led by an invisible hand to serve private interests which was no part of their intention.
Milton FriedmanThe fall of the Berlin Wall did more for the progress of freedom than all of the books written by myself or Friedrich Hayek or others.
Milton FriedmanRapid increases in the quantity of money produce inflation. Sharp decreases produce depression.
Milton FriedmanI cannot disagree with you that having something like 500 economists is extremely unhealthy. As you say, it is not conducive to independent, objective research. You and I know there has been censorship of the material published. Equally important, the location of the economists in the Federal Reserve has had a significant influence on the kind of research they do, biasing that research toward noncontroversial technical papers on method as opposed to substantive papers on policy and results
Milton Friedman