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Milton Friedman on Inflation

Stagflation was the end of naive Keynesianism. Now obviously the term "Keynesian" can mean anything you want it to mean, and so you have new Keynesianism, but this particular feature was put to an end by the stagflation episode.
Commanding Heights: Milton Friedman interview
Interview, 2000, PBS, “On John Maynard Keynes,” interview conducted October 1, 2000
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  1. The society that puts equality before freedom will end up with neither. The society that puts freedom before equality will end up with a great measure of both.
    Created Equal
    Television, 1980, PBS, vol. 5
    Not yet checkedFind it at the source
  2. Right or left are very ambiguous terms, but conservative is a very definite, clear term. A conservative is somebody who wants to conserve, who keeps things as they are. … I want to change them. I’m a radical.
    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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  3. A society that puts equality—in the sense of equality of outcome—ahead of freedom will end up with neither equality nor freedom. The use of force to achieve equality will destroy freedom, and the force, introduced for good purposes, will end up in the hands of people who use it to promote their own interests. On the other hand, a society that puts freedom first will, as a happy by-product, end up with both greater freedom and greater equality.
    Free to Choose
    Book, 1980, Ch. 5 “Created Equal”, p. 148
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