Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output. ... A steady rate of monetary growth at a moderate level can provide a framework under which a country can have little inflation and much growth. It will not produce perfect stability; it will not produce heaven on earth; but it can make an important contribution to a stable economic society.
Milton FriedmanRelated topics
country earth heaven increase inflation money output perfect produce rapid sense stability stable underRelated quotes
The spirit of a production-centered, commodity-greedy society is such that only the non-conformist can defend himself sufficiently against it. Those who are seriously concerned with love as the only rational answer to the problem of human existence must, then, arrive at the conclusion that important and radical changes in our social structure are necessary, if love is to become a social and not a highly individualistic, marginal phenomenon.
Erich Fromm
From the Great Depression, to the stagflation of the seventies, to the current economic crisis caused by the housing bubble, every economic downturn suffered by this country over the past century can be traced to Federal Reserve policy. The Fed has followed a consistent policy of flooding the economy with easy money, leading to a misallocation of resources and an artificial 'boom' followed by a recession or depression when the Fed-created bubble bursts.
Ron Paul
Nearly all creators of Utopia have resembled the man who has toothache, and therefore thinks happiness consists in not having toothache. They wanted to produce a perfect society by an endless continuation of something that had only been valuable because it was temporary. The wider course would be to say that there are certain lines along which humanity must move, the grand strategy is mapped out, but detailed prophecy is not our business. Whoever tries to imagine perfection simply reveals his own emptiness.
George Orwell
The work on satisfactory formulation of technical patents was a true blessing for me. It compelled me to be many-sided in thought, and also offered important stimulation for thought about physics. Following a practical profession is a blessing for people of my type. Because the academic career puts a young person in a sort of compulsory situation to produce scientific papers in impressive quantity, a temptation to superficiality arises that only strong characters are able to resist.
Albert Einstein
The postwar [WWII] GI Bill of Rights - and the enthusiastic response to it on the part of America's veterans - signaled the shift to the knowledge society. Future historians may consider it the most important event of the twentieth century.
We are clearly in the midst of this transformation; indeed, if history is any guide, it will not be completed until 2010 or 2020. But already it has changed the political, economic and moral landscape of the world.
Peter Drucker
