One hundred years ago today, the most powerful defender of economic liberty in American history was born in Brooklyn to poor Jewish immigrants.
Though he stood barely five feet tall, Dr. Milton Friedman was a giant in the field of economics and the most important friend of freedom America has seen in the past century — perhaps even since the Founding Fathers.
A 1976 Nobel-prize winner for his research on monetary policy, he is best remembered for eloquently dismantling economic falsehoods. Because of Friedman, most Americans know that government can’t spend its way out of economic trouble or create economic prosperity.
Well, most Americans except our current president, anyway.
At a time when half of the world’s people were economically enslaved by communism, Friedman’s writings laid the groundwork for the small government ideas of Barry Goldwater and, later, the Reagan Revolution.
Friedman’s book “Capitalism and Freedom” is to free market principles what “The Communist Manifesto” is to communism. The biggest difference is that Marx and Engels’ ideas are responsible for the deaths of more than 100 million people, while the free market philosophies championed by Friedman and others have resulted in worldwide improvements in quality and quantity of life.
With local, state and federal governments all dipping deeper into taxpayers’ pockets and spending more money on less justifiable programs, it is a particularly worthwhile time to reflect on one of Dr. Friedman’s most legendary statements.
“There are four ways in which you can spend money,” Friedman said. “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,” he continued, “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.”
Let’s hope a few bureaucrats and elected officials read those words and show a little more concern for the people who furnish all of those dollars.
Though Friedman died in 2006, his birthday should be celebrated by every person who believes that people — not government — are the reason why we live in the richest, healthiest, safest, most prosperous time in the history of the world.
Milton Friedman’s 100th: Exploring His Wisdom for the Ages (Part I: Worldview) by Robert Bradley Jr. July 31, 2012 [Ed. note: Milton Friedman's views will be further explored in Part II on energy and Part III on political capitalism.] “Our central theme in public advocacy has been the promotion of human freedom … [It] underlies [...]
I was impacted in 1980 by the film series “Free to Choose” and I was very impressed by the performance by Thomas Sowell. Today he remembers his former teacher Milton Friedman. Friedman could be a help today By Thomas Sowell Creators Syndicate Tuesday July 31, 2012 7:00 AM If Milton Friedman were alive [...]
In the video above Milton Friedman takes on some liberal students with their challenges to capitalism. Secretary of Defense Donald H. Rumsfeld speaking at Tribute to Milton Friedman (transcript) As Delivered by Secretary of Defense Donald H. Rumsfeld, White House, Washington, D.C., Thursday, May 09, 2002 Mr. President (George W. Bush), Rose and Milton [...]
Every Friday you need to click on http://www.theDailyHatch.org if you would like to see a video clip of Milton Friedman as he shares his common sense conservative economic views. Many of his articles are posted too. I remember growing up and reading those great articles every week in Newsweek. They are just as relevant today as [...]
Milton Friedman videos and transcripts Part 12 On my blog http://www.thedailyhatch.org I have an extensive list of posts that have both videos and transcripts of MiltonFriedman’s interviews and speeches. Here below is just small list of those and more can be accessed by clicking on “Milton Friedman” on the side of this page or searching [...]
published Tuesday, July 31st, 2012 Chattanooga Times Free Press Milton Friedman at 100 Milton Friedman Photo by Associated Press /Chattanooga Times Free Press. enlarge photo One hundred years ago today, the most powerful defender of economic liberty in American history was born in Brooklyn to poor Jewish immigrants. Though he stood barely [...]
No one did more to advance the cause of school vouchers than Milton and Rose Friedman. Friedman made it clear in his film series “Free to Choose” how sad he was that young people who live in the inner cities did not have good education opportunities available to them. Remembering Milton Friedman’s School Choice Legacy [...]
Testing Milton Friedman – Preview Uploaded by FreeToChooseNetwork on Feb 21, 2012 2012 is the 100th anniversary of Milton Friedman’s birth. His work and ideas continue to make the world a better place. As part of Milton Friedman’s Century, a revival of the ideas featured in the landmark television series Free To Choose are being [...]
What a great defense of Milton Friedman!!!! Defaming Milton Friedman by Johan Norberg This article appeared in Reason Online on September 26, 2008 PRINT PAGE CITE THIS Sans Serif Serif Share with your friends: ShareThis In the future, if you tell a student or a journalist that you favor free markets and limited government, there is [...]
Milton Friedman on Hayek’s “Road to Serfdom” 1994 Interview 2 of 2 Uploaded by PenguinProseMedia on Oct 26, 2011 2nd half of 1994 interview. ________________ I have a lot of respect for the Friedmans.Two Lucky People by Milton and Rose Friedman reviewed by David Frum — October 1998. However, I liked this review below better. It [...]