Milton Friedman on school vouchers
16 passages for “school vouchers”, 12 checked against the source. Page 2 of 2.
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The great contraction is tragic testimony to the power of monetary policy—not, as Keynes and so many of his contemporaries believed, evidence of its impotence.
The Role of Monetary PolicyJournal article, 1968, American Economic Review 58, no. 1 (March 1968), pp. 1–17; reprinted in the House Banking and Currency Committee’s 1968 Compendium on Monetary Policy Guidelines and Federal Reserve Structure, pp. 214–224, p. 216 of the 1968 House reprintOn a technical level, I believe that there is no persuasive evidence that, given the course of monetary policy and monetary aggregates, federal government deficits have any stimulative effect. They have a stimulative effect only insofar as they are financed by a more rapid increase in the quantity of money than would otherwise occur.
Interview with Milton FriedmanInterview, 1992, Federal Reserve Bank of Minneapolis, The Region, Interview by David Levy, June 1, 1992It is tempting, at first sight, to escape the obvious inequity and arbitrariness of a system of selective military service by including all young people and assigning them to a wider range of national tasks, such as service in hospitals, schools, slum areas, national parks and so on. That would equalize the burden of compulsory service while at the same time staffing the military.
Universal National ServiceColumn, 1979, Newsweek (1979); reprinted in the Congressional Record, Extensions of Remarks, May 15, 1979, p. 11349, introduced by Representative Ron Paul of Texas, who says Friedman “recently” made these arguments “in Newsweek.” The reprint gives no issue date and omits part of the opening paragraph, Congressional Record, May 15, 1979, p. 11349Keynes was a great economist. In every discipline, progress comes from people who make hypotheses, most of which turn out to be wrong, but all of which ultimately point to the right answer. Now Keynes, in The General Theory of Employment, Interest and Money, set forth a hypothesis that was a beautiful one, and it really altered the shape of economics. But it turned out that it was a wrong hypothesis. That doesn’t mean that he wasn’t a great man!
The Romance of EconomicsInterview, 2006, Interview by Tunku Varadarajan, The Wall Street Journal; reprinted in Hoover Digest 2006 No. 4In a reaction that has become only too familiar, the big-government coalition has been threatening dire consequences if Jarvis-Gann passes: police and fire departments “crippled,” bond issues in “default,” “bankrupt schools.” The opposition is preparing to launch a major media blitz to be financed in large part by big business, which apparently has let fear of Sacramento trigger its unerring instinct for self-destruction.
A Progress ReportColumn, 1978, Newsweek (April 10, 1978); reprinted in the Congressional Record, Extensions of Remarks, April 4, 1978, pp. 8709 to 8710, introduced by Representative John H. Rousselot of California, who describes it as “his byline article which appeared in the April 10, 1978 issue of Newsweek”, Congressional Record, April 4, 1978, pp. 8709 to 8710Joan Robinson, a leading Keynesian and radical, produced a specimen for me to analyze. I said something like, "This is obviously the writing of a foreigner, so it's difficult for me to analyze. But I would say it is written by someone who had considerable artistic but not much intellectual talent." It turned out to be the handwriting of Lydia Lopokova, the world-famous Russian ballerina whom Keynes had married. That was surely my greatest triumph of the year at Cambridge!