February 29, 2020
The Wisdom of Milton Friedman
Timothy Birdnow
Words of wisdom from Milton Friedman:
"You must distinguish sharply between being pro-free enterprise and being pro-business." – Big Business, Big Government (1978)
"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." – From "Created Equal," an episode of the PBSFree to Choose television series (1980)
"Governments never learn; only people learn." – As quoted in The Cynic's Lexicon: A Dictionary Of Amoral Advice‎ (1984)
"The great virtue of a free market system is that it does not care what color people are; it does not care what their religion is; it only cares whether they can produce something you want to buy. It is the most effective system we have discovered to enable people who hate one another to deal with one another and help one another." – "Why Government Is the Problem" (February 1, 1993), p. 19
"There are four ways in which you can spend money. You can spend your own money on yourself. When you do that, why then you really watch out what you’re doing, and you try to get the most for your money. Then you can spend your own money on somebody else. For example, I buy a birthday present for someone. Well, then I’m not so careful about the content of the present, but I’m very careful about the cost. Then, I can spend somebody else’s money on myself. And if I spend somebody else’s money on myself, then I’m sure going to have a good lunch! Finally, I can spend somebody else’s money on somebody else. And if I spend somebody else’s money on somebody else, I’m not concerned about how much it is, and I’m not concerned about what I get. And that’s government. And that’s close to 40 percent of our national income." Fox New Interview
Words of wisdom from Milton Friedman:
"You must distinguish sharply between being pro-free enterprise and being pro-business." – Big Business, Big Government (1978)
"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." – From "Created Equal," an episode of the PBSFree to Choose television series (1980)
"Governments never learn; only people learn." – As quoted in The Cynic's Lexicon: A Dictionary Of Amoral Advice‎ (1984)
"The great virtue of a free market system is that it does not care what color people are; it does not care what their religion is; it only cares whether they can produce something you want to buy. It is the most effective system we have discovered to enable people who hate one another to deal with one another and help one another." – "Why Government Is the Problem" (February 1, 1993), p. 19
"There are four ways in which you can spend money. You can spend your own money on yourself. When you do that, why then you really watch out what you’re doing, and you try to get the most for your money. Then you can spend your own money on somebody else. For example, I buy a birthday present for someone. Well, then I’m not so careful about the content of the present, but I’m very careful about the cost. Then, I can spend somebody else’s money on myself. And if I spend somebody else’s money on myself, then I’m sure going to have a good lunch! Finally, I can spend somebody else’s money on somebody else. And if I spend somebody else’s money on somebody else, I’m not concerned about how much it is, and I’m not concerned about what I get. And that’s government. And that’s close to 40 percent of our national income." Fox New Interview
Posted by: Timothy Birdnow at
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What a wise man he was!
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