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Milton Friedman on How economics should be done

I’ve had this experience many times. Get a dozen people in a room together, some of them economists and some non-economists, political scientists, sociologists, journalists, whatever they may be. Start any subject going. Within 15 minutes, all the economists will be on the same side, whatever their political persuasion is.
The Open Mind
Interview, 1977, The Open Mind, hosted by Richard Heffner, Episode “A Nobel Laureate on the American Economy” (May 3, 1977)
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  1. If I were to make up a balance sheet for the Federal Reserve, I could name many credit items on the research side, very few on the policy side.
    Interview with Milton Friedman
    Interview, 1992, Federal Reserve Bank of Minneapolis, The Region, Interview by David Levy, June 1, 1992
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  2. I have found, over a long time, that some people are natural economists. They don’t take a course, but they understand—the principles seem obvious to them. Other people may have Ph.D.s in economics, but they’re not economists. They don’t think like an economist. Strange, but true.
    The Romance of Economics
    Interview, 2006, Interview by Tunku Varadarajan, The Wall Street Journal; reprinted in Hoover Digest 2006 No. 4
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  3. The answer to “Why now?” is straightforward—yet I know from bitter experience how hard it is to persuade anyone other than an economist that so simple an answer can be correct. Nineteen seventy-three is different from other peacetime years because, for the first time since World War II, the U.S. has had extensive price and wage controls. The key to today’s shortages is the price freeze ordered by President Nixon on Aug. 15, 1971.
    Why Now?
    Column, 1973, Newsweek (December 31, 1973); reprinted in full in the Congressional Record, Extensions of Remarks, January 24, 1974, p. 801, introduced by Representative John M. Ashbrook, who gives the issue as “the December 31, 1973 issue of Newsweek”, and reprinted again the same day at pp. 807 to 808 by Representative Earl F. Landgrebe, Congressional Record, January 24, 1974, p. 801
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