Milton Friedman Quotes About Mistakes

Quotes about: Mistakes

• One of the great mistakes is to judge policies and programs by their intentions rather than their results.

  Milton Friedman

  Mistake, Judging, Politics

  Interview with Richard Heffner on "The Open Mind", December 7, 1975.

• Central bankers always try to avoid their last big mistake. So every time there's the threat of a contraction in the economy, they'll over stimulate the economy, by printing too much money. The result will be a rising roller coaster of inflation, with each high and low being higher than the preceding one.

  Milton Friedman

  Mistake, Trying, Bankers

• The power to determine the quantity of money... is too important, too pervasive, to be exercised by a few people, however public-spirited, if there is any feasible alternative. There is no need for such arbitrary power... Any system which gives so much power and so much discretion to a few men, [so] that mistakes - excusable or not - can have such far reaching effects, is a bad system. It is a bad system to believers in freedom just because it gives a few men such power without any effective check by the body politic - this is the key political argument against an independent central bank.

  Milton Friedman

  Trust, Mistake, Independent

• The Great Depression in the United States, far from being a sign of the inherent instability of the private enterprise system, is a testament to how much harm can be done by mistakes on the part of a few men when they wield vast power over the monetary system of the country.

  Milton Friedman

  Country, Mistake, Men

  Milton Friedman (2009). “Capitalism and Freedom: Fortieth Anniversary Edition”, p.50, University of Chicago Press

• The central banks cannot control interest rates. That's a mistake. They can control a particular rate, such as the Federal Funds rate, if they want to, but they can't control interest rates.

  Milton Friedman

  Mistake, Want, Interest

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