"Most economic fallacies derive from the tendency to assume that there is a fixed pie, that one party can gain only at the expense of another."

Wisdom

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Insight & Reflection

The theme of wisdom is universal, yet Milton Friedman manages to capture its essence in a uniquely profound way. Taking a moment to internalize this can shift our mindset, reminding us that our perspective on wisdom often shapes our reality.

About Milton Friedman

Milton Friedman was an American economist and statistician who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy. With George Stigler, Friedman was among the intellectual leaders of the Chicago school of economics, a neoclassical school of economic thought associated with the faculty at the University of Chicago that rejected Keynesianism in favor of monetarism before shifting their focus to new classical macroeconomics in the mid-1970s. Several students, young professors and academics who were recruited or mentored by Friedman at Chicago went on to become leading economists, including Nobel laureates Gary Becker (1992), Robert Fogel (1993), and Robert Lucas Jr. (1995).

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Editorial Note: This quote is curated and fact-checked by the Quotes Archive Editorial Team. Verified Literature Specialist.

More by Milton Friedman

"The most important ways in which I think the Internet will affect the big issue is that it will make it more difficult for government to collect taxes."

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"The black market was a way of getting around government controls. It was a way of enabling the free market to work. It was a way of opening up, enabling people."

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More about Wisdom

"Wisdom is the quiet art of recognizing what can be changed and releasing what cannot. A lesson woven into the fabric of human history."

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