Monthly Archives: July 2012

Commemorating Milton Friedman’s 100th Birthday with the Index of Economic Freedom

Milton Friedman was all about freedom until the day he died.

Commemorating Milton Friedman’s 100th Birthday with the Index of Economic Freedom

By and
July 31, 2012

 

Abstract: July 31, 2012, is the one hundredth anniversary of the birth of the great economist and thinker Milton Friedman. It was Friedman who first suggested that the economic freedom of countries be measured and monitored, and The Heritage Foundation has been doing so since 1995 in its Index of Economic Freedom. Friedman’s most important legacy is unquestionably the improvement in living standards of hundreds of millions of people around the world thanks to the implementation of his theories. Unfortunately, the policies of an increasingly leviathan government have placed America on a path that diverges sharply from its historical quest for greater freedom. At Milton Friedman’s centennial, Americans should renew their commitment to economic freedom, as well as their confidence that a people who are free to choose will ensure their own future well-being.

July 31, 2012, is the one hundredth anniversary of Milton Friedman’s birth. Friedman, “the most influential economist of the second half of the 20th century, possibly all of it,”[1] was the champion of the powerful idea that free markets and individual choice lead society to ultimate prosperity and overall well-being. His contributions to economic theory, and the conviction with which he espoused them, made him truly an extraordinary giant among political and economic thinkers.

Friedman’s ideas and writings earned him the Nobel Prize in economics, but his greatest legacy is unquestionably the improvement in living standards of people around the globe who have benefited from the implementation of his theories, even though they may have never read one of his books, attended one of his lectures, or even heard his name. As Friedman’s ideas have been translated into public policy in countries around the globe, they have served as the invisible hand guiding—no, allowing—millions to pursue their individual dreams, endowed with greater economic and political freedom. In reviewing Friedman’s monumental Capitalism and Freedom five decades ago, The Economist magazine called the book “ideal reading for politicians of either party in this country, not because it would convince them, but because it challenges the reader to sort out his own ideas more fundamentally.”[2]

The Heritage Foundation, whose policy vision is “to build an America where freedom, opportunity, prosperity, and civil society flourish,” is proud and honored to cherish and spread the legacy of Friedman’s powerful ideas for innovative policy solutions. As Dr. Edwin Feulner, president of The Heritage Foundation, pointed out in a tribute to Friedman in 2006:

Over the last 30 years, Friedman enjoyed a close relationship with The Heritage Foundation. He was the featured speaker at the 1979 dedication of our headquarters building, our 1983 10th anniversary “Heritage 10” celebration, and other occasions. In 1998, I awarded Rose and Milton Friedman The Heritage Foundation’s Clare Boothe Luce Award, our most distinguished honor. Friedman and Heritage have been closely linked in the policy arena for a very long time.[3]

Indeed, many of Friedman’s perspectives and policy ideas are not only far-reaching, but truly enduring throughout generations via his own publications, as well as through others’ countless scholarly researches, whose underlying theses trace back to Friedman’s insights.

The Heritage Foundation’s numerous innovative research publications are no exception. Friedman’s economic, philosophical, and political writing has inspired decades of Heritage work in such diverse areas as welfare reform, competition in education, budget reform, and free trade.

The Index of Economic Freedom: Friedman’s Wisdom Around the World

People across the globe are particularly indebted to Milton Friedman for his role in championing economic freedom, and that effort lives on in The Heritage Foundation’s annual Index of Economic Freedom. Friedman elaborated “the role of competitive capitalism—the organization of the bulk of economic activity through private enterprise operating in a free market—as a system of economic freedom.” Indeed, it was Friedman who first suggested that economic freedom of countries around the world be measured and monitored.[4]

The Index,a data-driven policy guide that empirically evaluates countries’ economic policies and demonstrates why economic freedom matters, was first published in 1995. Since then, the Index has continued to echo many of Friedman’s insights on the power of freedom, documenting reform efforts, and monitoring ups and downs of economic freedom around the world. Dr. Kim Holmes, the founding editor of the Index of Economic Freedom, observed that the Index is “not only the first comprehensive economic freedom index, but one that has continued to grow in importance ever since,” offering “many examples of what economic freedom can do.”[5]

To many who have long tracked economic freedom, the years since 2008 have served as a vivid reminder of the continuing struggle between the state and the free market. In times of uncertainty, it may be natural that people will look to their governments for answers. Yet the long-term solutions to our current economic problems do not lie in more government controls and regulations. They lie in a return to free-market principles.

Perhaps the most critical lesson of the past four years of ever-growing government intrusion into America’s free-market system is that the fundamental superiority and value of economic liberty must be steadfastly reiterated, or even re-taught, to many political leaders and policymakers.

The Index offers plenty of evidence of the lasting values of freedom that Milton Friedman so keenly articulated and advocated.

Greater Prosperity. Friedman told an interviewer in 1979:

In the only cases in which the masses have escaped from the kind of grinding poverty you’re talking about…they have had capitalism and largely free trade…. So that the record of history is absolutely crystal clear: that there is no alternative way so far discovered of improving the lot of the ordinary people that can hold a candle to the productive activities that are unleashed by a free enterprise system.[6]

As the Index has repeatedly illustrated over the past 18 years, the relationship between economic freedom and prosperity is strongly positive. Gross domestic product (GDP) per capita is much higher in countries with greater economic freedom. On average, economies rated “free” or “mostly free” enjoy incomes that are more than double the average levels in all other countries, and more than seven times higher than the incomes of “repressed” economies (see Chart 1).

Greater Economic Freedom, Greater Prosperity

Economic Freedom and Economic Growth

More important, a sustained commitment to economic freedom is critical to ensuring economic growth and prosperity. Not only is a higher level of economic freedom clearly associated with a higher level of per capita income, but countries’ improvements in economic freedom also increase their income growth rates, ensuring economic and social progress (see Chart 2).

Free Trade Drives Prosperity

Also notably, as Friedman suggested, true economic freedom requires free markets at home and free trade around the world. Trade drives prosperity, providing greater economic opportunity in countries that choose to embrace free-trade policies. On average, economies with the most trade freedom have the highest per capita GDP (see Chart 3).

Promoting Well-Being. Of course, life is not just about money or wealth. As Friedman observed:“It is in the free societies that there has been a far greater development of the nonmaterial, spiritual, artistic aspects of well-being.[7]

In case after case, Friedman keenly observed that government interventions in free markets are not only futile, but tend to generate the exact opposite outcomes of their intended purpose. He called this unseen force that makes things go terribly and perversely wrong with government social programs the “invisible foot.”[8]

It is economic freedom that effectively improves overall well-being for a greater number of people. The Index has documented various tangible non-materialistic benefits of living in freer societies administrated by limited government.

Economic Freedom promotes Overall Well-Being

As Friedman witnessed again and again, not only are higher levels of economic freedom associated with higher material prosperity, greater economic freedom also strongly correlates with overall well-being, which takes into account such factors as health, education, and personal safety (see Chart 4).

Achieving Political Freedom. As Friedman wrote:

Economic freedom plays a dual role in the promotion of a free society. On the one hand, freedom in economic arrangements is itself a component of freedom broadly understood, so economic freedom is an end in itself. In the second place, economic freedom is also an indispensable means toward the achievement of political freedom.”[9]

The Index has empirically explored this critical relationship between economic freedom and political freedom or democratic governance. As illustrated in Chart 5, there is a strongly positive correlation between the two, and little doubt that higher levels in either generally have a positive impact on the other.

Economic Freedom and Democratic Governance

Entrepreneurial Dynamism. Economic freedom makes it possible for independent sources of wealth to counterbalance political power and to cultivate a pluralistic society. In other words, economic freedom underpins and reinforces political liberty and market-based democracy.As Friedman stated, “The greatest advances of civilization, whether in architecture or painting, in science and literature, in industry or agriculture, have never come from centralized government.[10]

As the Index has demonstrated, economic freedom is highly correlated with entrepreneurial activity in the private sector, creating new jobs and increasing opportunities and choices for individuals in advancing their own well-being (see Chart 6). When individuals are allowed to decide themselves how best to pursue their dreams and aspirations, their collective achievements driven by individual choices, not by government mandates, add up to a better society for all.

Economic Freedom Propels Entrepreneurial Dynamism

Economic Freedom and Innovation

To put it differently, economic freedom is positively linked to innovation that is often nurtured by free enterprise, not by central planning (see Chart 7). The proven path to revitalizing economic growth is to advance economic freedom by promoting policies that generate a virtuous cycle of innovation, job creation, and productivity growth that, in turn, helps to advance social and economic evolution.

Time to Renew Commitment to Greater Economic Freedom

Milton Friedman was confident that freedom would prevail, as indicated in the conclusion of Free to Choose,a powerful restatement of his beliefs co-authored with his wife Rose:

Fortunately, we are waking up. We are again recognizing the dangers of an over-governed society, coming to understand that good objectives can be perverted by bad means, that reliance on the freedom of people to control their own lives in accordance with their own values is the surest way to achieve the full potential of a great society. Fortunately, also, we are as a people still free to choose which way we should go—whether to continue along the road we have been following to ever bigger government, or to call a halt and change direction.[11]

Though stated three decades ago, the Friedmans’ keen observations are shockingly relevant to today’s challenging time for America. The reckless and populist policy choices of an increasingly leviathan government have placed the United States on a path that diverges sharply from its historical quest for greater freedom. Worse, the system of competitive capitalism that is responsible for America’s unprecedented prosperity is being replaced by a crony capitalism that encourages the concentration of power that Friedman warned was one of the greatest threats to freedom.

Still, there are signs that, as in Friedman’s day, the American public is waking up, and maybe—just maybe—one can be optimistic that freedom will again prevail in America.

As Dr. Feulner and Heritage Foundation trustee Brian Tracy pointed out in their recent book, The American Spirit, “Our inherent optimism is alive and well in every man, woman, and child in the country, to one degree or another. That optimism is a key component of our future success as individuals and as a nation.”[12]

So, at Milton Friedman’s centennial birthday, Americans should renew this country’s commitment to economic freedom, as well as their confidence that a people who are free to choose will make the right decisions to ensure their future prosperity and happiness.

Anthony B. Kim is a Senior Policy Analyst in the Center for International Trade and Economics (CITE), and Ambassador Terry Miller is Director of CITE, and the Mark A. Kolokotrones Fellow in Economic Freedom, at The Heritage Foundation.

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Quotes from Milton Friedman on his 100th birthday

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 our opposition to rent control and general wage and price controls, our support for educational choice, privatizing radio and television channels, an all-volunteer army, limitation of government spending, legalization of drugs, privatizing social security, free trade, and the deregulation of industry and private life to the fullest extent possible.”

– Milton and Rose Friedman, Two Lucky People (1998), p. 588.

Today some 150 events are taking place in the U.S. and internationally to commemorate the 100th anniversary of the birth of Milton Friedman (1912–2006). I will be hosting a Houston event this evening with presentations by myself and University of Houston economist Thomas Mayor on Friedman’s many contributions that, in sum, opened the door for libertarian thought in academia and within the wider public.

The Wikipedia entry for Friedman begins as follows:

Milton Friedman (July 31, 1912 – November 16, 2006) was an American economist, statistician, and author who taught at the University of Chicago for more than three decades. He was a recipient of the Nobel Memorial Prize in Economic Sciences, and is known for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy.

As a leader of the Chicago school of economics, he influenced the research agenda of the economics profession. A survey of economists ranked Friedman as the second most popular economist of the twentieth century behind John Maynard Keynes, and The Economist described him as “the most influential economist of the second half of the 20th century…possibly of all of it.”

Many other biographies can be accessed on Friedman; this post will continue with some Friedman quotations of import on various topics except for those to come in Part II (energy) and Part III (political and special-interest capitalism).

The Case for Liberty

“The strongest argument for free enterprise is that it prevents anybody from having too much power. Whether that person is a government official, a trade union official, or a business executive. If forces them to put up or shut up. They either have to deliver the goods, produce something that people are willing to pay for, are willing to buy, or else they have to go into a different business.”

“A major source of objection to a free economy is precisely that it … gives people what they want instead of what a particular group thinks they ought to want. Underlying most arguments against the free market is a lack of belief in freedom itself.”

“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.”

“I start from a belief in individual freedom and that derives fundamentally from a belief in the limitations of our knowledge [and] from a belief—that nobody can be sure that what he believes is really right. So the most attractive position—is putting individual freedom first.

Results, Not Intentions

“One of the great mistakes is to judge policies and programs by their intentions rather than by their results.”

“Concentrated power is not rendered harmless by the good intentions of those who create it.”

“The contrast between the ostensible objectives of government programs and their actual results—a contrast that has been a persistent theme of earlier chapters—is so pervasive, so widespread, that even many of the strongest supporters of big government have had to acknowledged government failure—though their solution almost always turns out to be still bigger government.”

Forced Equality

“A society that puts equality before freedom will get neither. A society that puts freedom before equality will get a high degree of both.”

Tyranny of the Status Quo

“There is enormous inertia—a tyranny of the status quo—in private and especially governmental arrangements. Only a crisis—actual or perceived—produces real change. When that crisis occurs, the actions that are taken depend on the ideas that are lying around. That, I believe, is our basic function: to develop alternatives to existing policies, to keep them alive and available until the politically impossible becomes politically inevitable.”

Business Behavior

“Competition does not protect the consumer because businessman are more soft-hearted than the bureaucrats or because they are more altruistic or generous, or even because they are more competent, but only because it is in the self-interest of the businessman to serve the consumer.”

“What about the danger of monopoly that led to the antitrust laws? …. The most effective way to counter it is … through removing existing barriers to international trade.”

Bureaucracy

“The first law of bureaucracy—the only feasible way of doing anything is the way it is being done.”

“The period … spent in Washington was … my first involvement in the actual making of government policy…. I came to understand firsthand the pull that Washington has for so many intellectuals … and also experienced the manipulation, dishonestly, and self-seeking that are an intrinsic part of the process. The disinterested pursuer of the public interest and the interested promoter of self are not always easy to distinguish.”

“When you stand before a civil servant, is there any real doubt who is the servant and who is the master.”

“Nobody spends somebody else’s money as carefully as he spends his own. Nobody uses somebody else’s resources as carefully as he uses his own.”

On Government Inefficiency

“I say thank God for government waste. If government is doing bad things, it’s only the waste that prevents the harm from being greater.”

Government: More or Less?

“A government program seems the solution only because government has been blocking at every turn the effective free market solution.”

On Scholarship

“[These] standards of scholarship—attention to detail, concern with scrupulous accuracy, checking of sources, and above all, openness to criticism—… have affected the whole of my scholarship.”

“I have a single rule. What I say to one person, I say to everyone. I never say anything off the record.”

“Sloppy writing reflects sloppy thinking.”

“All learning is ultimately self-learning.”

“The true test of any scholar’s work is not what his contemporaries say, but what happens to his work in the next 25 or 50 years. And the thing that I will really be proud of is if some of the work I have done is still cited in the text books long after I am gone.”

Thomas Sowell remembers his former teacher Milton Friedman 100 years later

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 today — and there was never a time when he was more needed — he would be 100 years old. He was born on July 31, 1912. But professor Friedman’s death at age 94 deprived the nation of one of those rare thinkers who had both genius and common sense.

    Most people would not be able to understand the complex economic analysis that won him a Nobel Prize, but people with no knowledge of economics had no trouble understanding his books such as Free to Choose or the TV series of the same name.

    In being able to express himself at the highest level of his profession but also at a level that the average person could readily understand, Milton Friedman was like the economist whose theories and persona were most different from his own — John Maynard Keynes.

    Like many, if not most, people who became prominent as opponents of the left, professor Friedman began on the left. Decades later, looking back at a statement of his own from his early years, he said, “The most striking feature of this statement is how thoroughly Keynesian it is.”

    No one converted Milton Friedman, either in economics or in his views on social policy. His own research, analysis and experience converted him.

    As a professor, he did not attempt to convert students to his political views. I made no secret of the fact that I was a Marxist when I was a student in professor Friedman’s course, but he made no effort to change my views. He once said that anybody who was easily converted was not worth converting.

    I was still a Marxist after taking professor Friedman’s class. Working as an economist in the government converted me.

    What Milton Friedman is best known for as an economist was his opposition to Keynesian economics, which had largely swept the economics profession on both sides of the Atlantic, with the notable exception of the University of Chicago, where Friedman was trained as a student and later taught.

    In the heyday of Keynesian economics, many economists believed that inflationary government policies could reduce unemployment, and early empirical data seemed to support that view. The inference was that the government could make careful trade-offs between inflation and unemployment, and thus “fine-tune” the economy.

    Milton Friedman challenged this view with both facts and analysis. He showed that the relationship between inflation and unemployment held only in the short run, when the inflation was unexpected. But, after everyone got used to inflation, unemployment could be just as high with high inflation as it had been with low inflation.

    When both unemployment and inflation rose at the same time in the 1970s — “stagflation,” as it was called — the idea of the government “fine-tuning” the economy faded away. There still are some die-hard Keynesians today who keep insisting that the government’s stimulus spending would have worked, if only it was bigger and lasted longer.

    This is one of those heads-I-win-and-tails-you-lose arguments. Even if the government spends itself into bankruptcy and the economy still does not recover, Keynesians can always say that it would have worked if only the government had spent more.

    Although Milton Friedman became a conservative icon, he considered himself a liberal in the original sense of the word — someone who believes in the liberty of the individual, free of government intrusions. Far from trying to conserve things as they are, he wrote a book titled Tyranny of the Status Quo.

    Milton Friedman proposed radical changes in policies and institutions ranging from the public schools to the Federal Reserve. It is liberals who want to conserve and expand the welfare state.

    As a student of Friedman back in 1960, I was struck by two things — his tough grading standards and the fact that he had a black secretary. This was years before affirmative action. People on the left exhibit blacks as mascots. But I never heard Milton Friedman say that he had a black secretary, though she was with him for decades. Both his grading standards and his refusal to try to be politically correct increased my respect for him.

    Thomas Sowell is a senior fellow at Stanford University’s Hoover Institution.

    Celebration of Milton Friedman’s life on his 100th birthday

    Today it is 100 years from the birth of Milton Friedmon (July 31, 1912). Below are all the links to posts today celebrating his life. There are lots of videos, transcripts and articles about his life. Enjoy!!!

    Quotes from Milton Friedman on his 100th birthday

    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 […]

    Thomas Sowell remembers his former teacher Milton Friedman 100 years later

    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 […]

    Milton Friedman destroys liberal student challenges

    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 www.theDailyHatch.org for “Friedman Friday”

    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

    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 […]

    Chattanooga Times Free Press comments on 100th year since Milton Friedman’s birth

    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 […]

    Milton Friedman’s passion was to make a difference in the lives of young people

    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 […]

    Milton Friedman remembered at 100 years from his birth (Part 5)

    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 […]

    Defending Milton Friedman

    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 and Rose Friedman “Two Lucky People”

    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 […]

    Milton Friedman destroys liberal student challenges

    In the video above Milton Friedman takes on some liberal students with their challenges to capitalism.
    _____________
    I went to the Capitol several years ago and just walked around Congress and sat in and listened to the speeches. When I was leaving I walked near an elevator and when it opened I noticed that Donald Rumfeld got off and then all these flashes went off and I realized that all these cameras were filming him. I got to my hotel that night and I saw my ear on national tv news that night. All three networks too. Too bad my 15 minutes of fame might just be reduced to 2 seconds and to my ear only.
     
    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 (Friedman), Minister of Defense of Italy (Antonio) Martino, a student of Milton’s, colleagues and friends, it’s good to see you all.

    I am delighted to join in celebrating the life and work of a good friend, and a rare talent-indeed, a talent to be treasured.

    Last year, I was disappointed to miss the birthday lunch that Ed Feulner hosts every year at some fish house on the road to Bohemian Grove in July. It’s nice of the President to bring us all together for an early celebration here in the EEOB (Eisenhower Executive Office Building).

    And Milton, what an impact you have had. Precious few people live long enough to witness the rise and fall of empires. Even fewer can see that their work has had a profound effect on those truly momentous events.

    Milton is the embodiment of the truth that “ideas have consequences.” Over the course of his career, he has turned down offers of influential posts, in and out of government, preferring to fight the battle of ideas, trusting that reasoned argument could change the course of history. And indeed, as we heard from Gary Becker, Ed Meese and Alan Greenspan, it has changed the course of history.

    Of course, we cannot honor Milton without also honoring Rose. I’m told they met in Economics 301 at the University of Chicago… how appropriate. Rose, as has been indicated, has been the intellectual collaborator ever since, to his and our great benefit.

    They were creators of the television series, “Free to Choose.” Several decades ago I had the good fortune to participate on occasion on their television shows. There is something about Milton that when I am around him, and talking to him, I feel smarter. (laughter)… So I felt very fortunate to do that.

    More recently, their book, a joint-memoir, “Two Lucky People,” as Alan has indicated – really should be reversed, because we indeed are the lucky ones and have benefited from that lifetime of collaboration.

    I’m told that when Capitalism and Freedom came out in 1963, it was almost ignored by the mainstream press. The ideas were seen as so unorthodox – so unusual – that no major newspaper bothered to do a book review.

    What a difference forty years makes. Today, many of those ideas, which seemed outrageous and so unorthodox to some in the 1960s, are now the law of the land, and many of them have been mentioned – airline deregulation has not, trucking deregulation has not, and-heaven forbid-private competition for the Post Office. (laughter)

    In fact, for all his books and lectures, I suspect that when it’s all over, maybe that Milton will be best remembered as the “godfather of overnight delivery.” (laughter)

    As a young Congressman in the 1960s, I used to go to seminars at the University of Chicago. Bob Goldman was the Director of the Center for Continuing Education there, He would gather a cluster of geniuses, and then allow a few young pups to come in and learn at their feet. As a then young pup, I was so privileged, and participated on a number of occasions.

    I remember well the conference on the “all-volunteer” Army-Milton was persuasive that I became an early advocate- as a young congressman, introducing legislation, testifying before the House and Senate Armed Services Committees, and then, as a young Cabinet officer in the Nixon Administration working to help achieve the all-volunteer service.

    Later, life turned down, and George Shultz came to me and asked me if I would run the wage price controls for the United States of America. (laughter) It was the country’s first peacetime experiment. As I recall, it was not Milton Friedman, but H. L. Mencken who once said, “For every human problem there is a solution that is simple, neat and wrong.” Richard Nixon found it.

    (laughter and applause)

    Early on, I figured out that the key to success was not to even try to manage wages and prices. Senator Proxmire’s law, I think written on the back of an envelope, was only a paragraph or two, and it embarrassed the President because inflation was coming along and the President wasn’t stopping it. So he passed a law saying that the president shall have the right to control wages and prices. I put the law on the floor in my office, next to my desk. And then every time The Wage Board, or The Price Commission, or The Health Services Board, or The Rent Board, or The Construction Stabilization Industries Board, any one of those alphabet boards that were spawned by this Economic Stabilization Act – every time they issued a regulation, we stuck on top. Before too long it started working its way up to the ceiling. As a reminder for everybody for the potential damage we were doing.

    He’s not here and I hate to talk behind people’s back, but I think the record should show that Vice President (Richard) Cheney, of course, was part of that operation, (laughter) and I have never once seen it on his resume. (laughter) But he was there.

    There was one other thing we did early on was to get agreement that any employee of the wage price controls could be fired within 30 days. The goal was to not allow a permanent bureaucracy to self-perpetuate, and it worked. So we worked and we worked we kept letting out everybody, we kept freeing up all of these categories. We had tiers and we would let this group free at wages and controls, and this group free at price controls, because it was an option or because of something else, or because it was food and the answer to (inaudible) prices is high prices.

    And after a while, Milton Friedman called me up and he said, “You have got to stop doing what you are doing.” And I said, “Why? Inflation used to be up at around 6 or 7, it’s now down to about 4 or 5. We’re freeing up all kinds of activities. We’re not doing much damage the economy.” He said, “I know, I know that. But you’re not the reason inflation is coming down, and YOU know that! (laughter) I said “That’s true.” And he said the problem is that people are going to think that you’re doing it, and you’re not – you’re letting everybody out and Inflation’s coming down and they’re going to learn the going to learn the wrong lesson. And it’s important he did not quite go as far as to say that I should start damaging the economy, but that was right underneath what he was telling me. (laughter) And of course he was correct.

    Of course, the central theme of Milton’s work in public policy has been the defense and promotion of human freedom-and the critical link between political and economic freedom.

    “Government,” he has told us, “has three primary functions: It should provide for the military defense of the nation. It should enforce contracts between individuals. And it should protect citizens against crimes against themselves or their property.” Milton, I’m relieved Defense made the cut. (laughter)

    You know, what’s remarkable about this man is that he was making these arguments in the heyday of the Great Society-a time when the Federal government was growing in unprecedented size and scope. Against the rising concentration of federal power, he stood as an often lonesome voice. “If government is to exercise power,” he declared, “better in the county than in the state, better in the state than in Washington, D.C. because if I do not like what my local community does, I can move to another community… and if I do not like what my state does, I can move to another. But if I do not like what Washington D.C. imposes, I have few alternatives in this world of jealous nations.” I’ve heard President Bush express similar sentiments.

    Building a truly great society requires not the power of government, but unleashing the power of human freedom — creating a climate in which millions of individuals can think, speak, create and build.

    People behind the Iron Curtain were listening — the dissidents and intellectuals of the captive nations, who were later to become the Presidents and Prime Ministers of free nations.

    One such Prime Minister was recounting the steps his country was taking to build a free market society out of the rubble of communism. Dick Armey asked where the government got the ideas for their reforms. The Prime Minister replied: “We read Milton Friedman and F. A. Hayek’.”

    So, yes, he has changed the course of history.

    So today, Milton, as we say when we are visiting our troops around the world – the men and women who defend what you have helped to build, “Thank you for what you do for our country.” Thank You. (applause)

    Every Friday you need to click on www.theDailyHatch.org for “Friedman Friday”

    Every Friday you need to click on 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 they were then.

    So many points brought up by liberals sound so good at first but really are easy to answer logically. Take the example below.

    I remember like yesterday when I saw Milton Friedman on the Phil Donahue Show. Donahue had thrown up one of those liberal accusations against the free enterprise system. Below is the exchange that I saw that day:

    Phil Donahue: When you see around the globe, the mal-distribution of wealth, a desperate plight of millions of people in underdeveloped countries. When you see so few “haves” and so many “have-nots.” When you see the greed and the concentration of power. Did you ever have a moment of doubt about capitalism and whether greed is a good idea to run on?

    Milton Friedman: Well first of all tell me is there some society you know that doesn’t run on Greed? You think Russia doesn’t run on greed? You think China doesn’t run on greed? What is greed? Of course none of us are greedy, it’s only the other fellow who is greedy. The world runs on individuals pursuing their separate interests.

    The great achievements of civilization have not come from government bureaus. Einstein didn’t construct his theory under order from a bureaucrat. Henry Ford didn’t revolutionize the automobile industry that way.

    In the only cases in which the masses have escaped from the kind of grinding poverty you’re talking about – the only cases in recorded history – are where they have had capitalism and largely free trade.

    If you want to know where the masses are worst off, it’s exactly in the kinds of societies that depart from that. So that the record of history is absolutely crystal clear that there is no alternative way so far discovered of improving the lot of the ordinary people that can hold a candle to the productive activities that are unleashed by a free enterprise system.

    Donahue: But it seems to reward not virtue as much as ability to manipulate the system…

    Friedman: And what does reward virtue? You think the Communist commissar rewarded virtue? You think a Hitler rewarded virtue? You think – excuse me – if you’ll pardon me – do you think American Presidents reward virtue ?

    Do they choose their appointees on the basis of the virtue of the people appointed or on the basis of their political clout ?

    Is it really true that political self-interest is nobler somehow than economic self-interest ? You know, I think you’re taking a lot of things for granted. Just tell me where in the world you find these angels who are going to organize society for us ? Well, I don’t even trust you to do that.

    Below are links to some of the past posts:

    Discussion on Equality from Milton Friedman and Bradley Gitz

    Milton Friedman – Redistribution of Wealth Uploaded by LibertyPen on Feb 12, 2010 Milton Friedman clears up misconceptions about wealth redistribution, in general, and inheritance tax, in particular. http://www.LibertyPen.com __________________ Check out this excellent article below on equality from today’s Arkansas Democrat-Gazette (paywall): What is equality? By Bradley Gitz This article was published today at 3:00 […]

    “Friedman Friday” Tribute to Milton Friedman (Part 5)

     Milton Friedman: Life and ideas – Part 05 99th anniversary of Milton Friedman’s birth (Part 13) Milton Friedman was born on July 31, 1912 and he died November 16, 2006. I started posting tributes of him on July 31 and I hope to continue them until his 100th birthday. Here is another tribute below: Sheldon […]

    Famous Milton Friedman Quotes(“Friedman Friday” Part 4)

    Milton Friedman on the Causes of Inflation (“Friedman Friday” Part 4) FRIEDMAN FRIDAY APPEARS EVERY FRIDAY AND IS HONOR OF THE NOBEL PRIZE WINNING ECONOMIST MILTON FRIEDMAN Famous Friedman Quotes By John Beagle Milton Friedman – University of Chicago School of Economics Professor As I read the comments by Milton Friedman, I can’t help but think […]

    Milton Friedman on the power of choice (“Friedman Friday” Part 3)

    FRIEDMAN FRIDAY APPEARS EVERY FRIDAY AND IS HONOR OF THE NOBEL PRIZE WINNING ECONOMIST MILTON FRIEDMAN. The Power Of Choice By John Beagle An interesting compilation of Milton Freeman as an economic freedom philosopher. Milton makes the case for economic freedom as a precondition for political freedom. The title of this video, The Power of Choice […]

    The stimulus did not work, Milton Friedman knew that 40 yrs ago (“Friedman Friday” Part 2)

    Happy Birthday, Milton Friedman! Author: Jonathan Wood Milton Friedman, one of the greatest minds of the 20th century, would have turned 99 on Sunday.  Though few individuals have been as deserving of praise, Milton Friedman was “much more interested in having people thinking about the ideas” than the person having them.  In that spirit, we […]

    John Fund’s talk in Little Rock 4-27-11(Part 2):Arkansas is a right to work state and gets new businesses because of it, Obama does not get that, but Milton Friedman does!!!(Royal Wedding Part 18)

    Ep. 8 – Who Protects the Worker [1/7]. Milton Friedman’s Free to Choose (1980) Speakers at the First Richmond Tea Party, October 8-9, 2010 John Fund   John Fund is a columnist for The Wall Street Journal and its OpinionJournal.com and an on-air contributor to 24-hour cable news networks CNBC and MSNBC. He is the […]

    Balanced Budget Amendment the answer? Boozman says yes, Pryor no (Part 13, Milton Friedman’s view is yes)(The Conspirator Part 18, Lewis Powell Part A)

    Dallas Fed president and CEO Richard W. Fisher sat down with economist Milton Friedman on October 19, 2005, as part of ongoing discussions with the Nobel Prize winner. In this clip, Friedman argues for a reduction in government spending. I really wish that Senator Pryor would see the wisdom of supporting the Balanced Budget amendment. […]

    Senator Pryor asks for Spending Cut Suggestions! Here are a few!(Part 14)(“The Conspirator” movie, part 1)

      Senator Mark Pryor wants our ideas on how to cut federal spending. Take a look at this video clip below: Senator Pryor has asked us to send our ideas to him at cutspending@pryor.senate.gov and I have done so in the past and will continue to do so in the future. Here are a few […]

     
     

    Toughest schedules in the SEC? (Part 2)

    Arkansas was going to play Tennessee in 2012 but that got taken off the schedule. Tennessee has to play a Missouri team that in my view is unpredicable. Alabama and LSU play tough schedules every year. Tennessee usually plays a top 10 like Oregon to start off the year but they play NC State instead this year.

    2012 SEC Schedule Analysis

    Ranking the SEC Schedules (from easiest to toughest):

    1. Georgia Bulldogs
    Face Ole Miss and Auburn in crossover and play only three true road games in weaker East.

    2. Vanderbilt Commodores
    Face Ole Miss and Auburn in crossover with Florida, South Carolina and Tennessee at home.

    3. Mississippi State Bulldogs
    LSU and Bama are losses anyway and both on the road, but five of other six are winnable games.

    4. Arkansas Razorbacks
    Plays managable road slate; gets Bama and LSU at home and Kentucky in crossover.

    5. Missouri Tigers
    Four of first five are at home with winnable road trips to Tennessee and Texas A&M.

    6. Tennessee Volunteers
    No LSU or Arkansas in crossover helps with Florida and Mizzou at home.

    7. Alabama Crimson Tide
    Brutal road slate – at LSU, Arkansas and Missouri — with a much easier home schedule.

    8. Kentucky Wildcats
    At Hogs and Mississippi State at home in crossover. Trips to Mizzou, Florida and Tennessee.

    9. Florida Gators
    At Texas A&M and LSU at home is tough crossover. But only three true road games

    10. Auburn Tigers
    Toughest games at home and trip to Bama. Winnable road games at Ole Miss, Vandy and Mississippi State.

    11. South Carolina Gamecocks
    LSU (road) and Arkansas (home) in crossover, with trips to Florida and Vandy in division.

    12. LSU Tigers
    Florida (road) and South Carolina (home) is a tough crossover. Visits A&M, Auburn and Arkansas as well.

    13. Ole Miss Rebels
    Hmmm: At Bama, at Arkansas, at Georgia, at LSU?

    14. Texas A&M Aggies
    Will play five of the top seven teams in the league — and Auburn, Mississippi State.

    2012 SEC Conference Schedules:

    ALABAMA
    Sept. 15: at Arkansas
    Sept. 29: OLE MISS
    Oct. 13: at Missouri
    Oct. 20: at Tennessee
    Oct. 27: MISSISSIPPI STATE
    Nov. 3: at LSU
    Nov. 10: TEXAS A&M
    Nov. 24: AUBURN

    ARKANSAS
    Sept. 15: ALABAMA
    Sept. 29: vs. Texas A&M
    Oct. 6: at Auburn
    Oct. 13: KENTUCKY
    Oct. 27: OLE MISS
    Nov. 10: at South Carolina
    Nov. 17: at Mississippi State
    Nov. 24: LSU

    AUBURN
    Sept. 8: at Mississippi State
    Sept. 22: LSU
    Oct. 6: ARKANSAS
    Oct. 13: at Ole Miss
    Oct. 20: at Vanderbilt
    Oct. 27: TEXAS A&M
    Nov. 10: GEORGIA
    Nov. 24: at Alabama

    FLORIDA
    Sept. 8: at Texas A&M
    Sept. 15: at Tennessee
    Sept. 22: KENTUCKY
    Oct. 6: LSU
    Oct. 13: at Vanderbilt
    Oct. 20: SOUTH CAROLINA
    Oct. 27: vs. Georgia (Jacksonville)
    Nov. 3: MISSOURI

    GEORGIA
    Sept. 8: at Missouri
    Sept. 22: VANDERBILT
    Sept. 29: TENNESSEE
    Oct. 6: at South Carolina
    Oct. 20: at Kentucky
    Oct. 27: vs. Florida (Jacksonville)
    Nov. 3: OLE MISS
    Nov. 10: at Auburn

    KENTUCKY
    Sept. 22: at Florida
    Sept. 29: SOUTH CAROLINA
    Oct. 6: MISSISSIPPI STATE
    Oct. 13: at Arkansas
    Oct. 20: GEORGIA
    Oct. 27: at Missouri
    Nov. 3: VANDERBILT
    Nov. 24: at Tennessee

    LSU
    Sept. 22: at Auburn
    Oct. 6: at Florida
    Oct. 13: SOUTH CAROLINA
    Oct. 20: at Texas A&M
    Nov. 3: ALABAMA
    Nov. 10: MISSISSIPPI STATE
    Nov. 17: OLE MISS
    Nov. 24: at Arkansas

    OLE MISS
    Sept. 29: at Alabama
    Oct. 6: TEXAS A&M
    Oct. 13: AUBURN
    Oct. 27: at Arkansas
    Nov. 3: at Georgia
    Nov. 10: VANDERBILT
    Nov. 17: at LSU
    Nov. 24: MISSISSIPPI STATE

    MISSISSIPPI STATE
    Sept. 8: AUBURN
    Oct. 6: at Kentucky
    Oct. 13: TENNESSEE
    Oct. 27: at Alabama
    Nov. 3: TEXAS A&M
    Nov. 10: at LSU
    Nov. 17: ARKANSAS
    Nov. 24: at Ole Miss

    MISSOURI
    Sept. 8: GEORGIA
    Sept. 22: at South Carolina
    Oct. 6: VANDERBILT
    Oct. 13: ALABAMA
    Oct. 27: KENTUCKY
    Nov. 3: at Florida
    Nov. 10: at Tennessee
    Nov. 24: at Texas A&M

    SOUTH CAROLINA
    Aug. 30: at Vanderbilt
    Sept. 22: MISSOURI
    Sept. 29: at Kentucky
    Oct. 6: GEORGIA
    Oct. 13: at LSU
    Oct. 20: at Florida
    Oct. 27: TENNESSEE
    Nov. 10: ARKANSAS

    TENNESSEE
    Sept. 15: FLORIDA
    Sept. 29: at Georgia
    Oct. 13: at Mississippi State
    Oct. 20: ALABAMA
    Oct. 27: at South Carolina
    Nov. 10: MISSOURI
    Nov. 17: at Vanderbilt
    Nov. 24: KENTUCKY

    TEXAS A&M
    Sept. 8: FLORIDA
    Sept. 29: vs. Arkansas
    Oct. 6: at Ole Miss
    Oct. 20: LSU
    Oct. 27: at Auburn
    Nov. 3: at Mississippi State
    Nov. 10: at Alabama
    Nov. 24: MISSOURI

    VANDERBILT
    Aug. 30: SOUTH CAROLINA
    Sept. 22: at Georgia
    Oct. 6: at Missouri
    Oct. 13: FLORIDA
    Oct. 20: AUBURN
    Nov. 3: at Kentucky
    Nov. 10: at Ole Miss
    Nov. 17: TENNESSEE

    Milton Friedman videos and transcripts Part 12

    Milton Friedman videos and transcripts Part 12

    On my blog 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 for Milton Friedman also.

    Related posts:

    Milton Friedman videos and transcripts Part 3

    Milton Friedman videos and transcripts Part 3 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 […]

    Milton Friedman videos and transcripts Part 2

    Milton Friedman videos and transcripts Part 2 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 […]

    Milton Friedman videos and transcripts Part 1

    Milton Friedman videos and transcripts Part 1 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 […]

    Milton Friedman addressed the belief that inflation can cure unemployment, implicit in the Obama administration’s spending blowout

    Ep. 9 – How to Cure Inflation [1/7]. Milton Friedman’s Free to Choose (1980) Cochrane’s Kinky Curves Posted by Jim Powell The doctrine that inflation can cure unemployment, implicit in the Obama administration’s spending blowout, goes way back. The modern version originated with William Phillips, a New Zealand-born economist who, in 1958, wrote a paper […]

    Milton Friedman Friday: (“Free to Choose” episode 4 – From Cradle to Grave, Part 3 of 7)

     I am currently going through his film series “Free to Choose” which is one the most powerful film series I have ever seen. PART 3 OF 7 Worse still, America’s depression was to become worldwide because of what lies behind these doors. This is the vault of the Federal Reserve Bank of New York. Inside […]

    Free to Choose by Milton Friedman: Episode “Created Equal” (Part 1 of transcript and video)

     Milton Friedman and Ronald Reagan Liberals like President Obama (and John Brummett) want to shoot for an equality of outcome. That system does not work. In fact, our free society allows for the closest gap between the wealthy and the poor. Unlike other countries where free enterprise and other freedoms are not present.  This is a seven part series. […]

    Milton Friedman Friday:(“Free to Choose” episode 4 – From Cradle to Grave, Part 2 of 7)

     I am currently going through his film series “Free to Choose” which is one the most powerful film series I have ever seen. For the past 7 years Maureen Ramsey has had to buy food and clothes for her family out of a government handout. For the whole of that time, her husband, Steve, hasn’t […]

    The poor in the USA have best chance in the world to go up

    I love Milton Friedman’s film series “Free to Choose.” In that film series over and over it is shown that the ability to move from poor to rich is more abundant here than any other country in the world. This article below reminded me of that that. Are Poor Really Helpless Without Government? By Michael […]

    Despite Brantley’s view,Social Security really is a Ponzi scheme (Part 1) (jh1d)

    Social Security is a Ponzi scheme (Part 1) Governor Rick Perry got in trouble for calling Social Security a Ponzi scheme and I totally agree with that. Max Brantley wants to keep insisting that this will be Perry’s downfall but  think that truth will win out this time around. This is a series of articles […]

    Friedman Friday:(“Free to Choose” episode 4 – From Cradle to Grave, Part 1 of 7)

    Friedman Friday:(“Free to Choose” episode 4 – From Cradle to Grave, Part 1 of 7) Volume 4 – From Cradle to Grave Abstract: Since the Depression years of the 1930s, there has been almost continuous expansion of governmental efforts to provide for people’s welfare. First, there was a tremendous expansion of public works. The Social Security Act […]

    “Friedman Friday” Tribute to Milton Friedman (Part 5)

     Milton Friedman: Life and ideas – Part 05 99th anniversary of Milton Friedman’s birth (Part 13) Milton Friedman was born on July 31, 1912 and he died November 16, 2006. I started posting tributes of him on July 31 and I hope to continue them until his 100th birthday. Here is another tribute below: Sheldon […]

    Social Security a Ponzi scheme?

    Uploaded by LibertyPen on Jan 8, 2009 Professor Williams explains what’s ahead for Social Security Dan Mitchell on Social Security I have said that Social Security is a Ponzi scheme and sometimes you will hear someone in the public say the same thing. Yes, It Is a Ponzi Scheme by Michael D. Tanner Michael Tanner […]

    Famous Milton Friedman Quotes(“Friedman Friday” Part 4)

    Milton Friedman on the Causes of Inflation (“Friedman Friday” Part 4) FRIEDMAN FRIDAY APPEARS EVERY FRIDAY AND IS HONOR OF THE NOBEL PRIZE WINNING ECONOMIST MILTON FRIEDMAN Famous Friedman Quotes By John Beagle Milton Friedman – University of Chicago School of Economics Professor As I read the comments by Milton Friedman, I can’t help but think […]

    Chattanooga Times Free Press comments on 100th year since Milton Friedman’s birth

    published Tuesday, July 31st, 2012
     Chattanooga Times Free Press

    Milton Friedman at 100

    photo
     
    Milton Friedman
    Photo by Associated Press /Chattanooga Times Free Press.
     

    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.

    Related posts:

    Quotes from Milton Friedman on his 100th birthday

    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 […]

    Thomas Sowell remembers his former teacher Milton Friedman 100 years later

    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 […]

    Milton Friedman destroys liberal student challenges

    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 www.theDailyHatch.org for “Friedman Friday”

    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

    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 […]

    Chattanooga Times Free Press comments on 100th year since Milton Friedman’s birth

    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 […]

    Milton Friedman’s passion was to make a difference in the lives of young people

    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 […]

    Milton Friedman remembered at 100 years from his birth (Part 5)

    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 […]

    Defending Milton Friedman

    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 and Rose Friedman “Two Lucky People”

    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 […]

    Milton Friedman’s passion was to make a difference in the lives of young people

    The Machine: The Truth Behind Teachers Unions

    Published on Sep 4, 2012 by

    America’s public education system is failing. We’re spending more money on education but not getting better results for our children.

    That’s because the machine that runs the K-12 education system isn’t designed to produce better schools. It’s designed to produce more money for unions and more donations for politicians.

    For decades, teachers’ unions have been among our nation’s largest political donors. As Reason Foundation’s Lisa Snell has noted, the National Education Association (NEA) alone spent $40 million on the 2010 election cycle (source: http://reason.org/news/printer/big-education-and-big-labor-electio). As the country’s largest teachers union, the NEA is only one cog in the infernal machine that robs parents of their tax dollars and students of their futures.

    Students, teachers, parents, and hardworking Americans are all victims of this political machine–a system that takes money out of taxpayers’ wallets and gives it to union bosses, who put it in the pockets of politicians.

    Our kids deserve better.

    “The Machine” is 4:17 minutes.

    Written and narrated by Evan Coyne Maloney. Produced by the Moving Picture Institute in partnership with Reason TV.

    Visit http://www.MovingPictureInstitute.org to learn more.

    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.

    Lindsey Burke

    July 30, 2012 at 12:22 pm

    Let us imagine we have the power to rebuild our education system from the ground up—an appropriate mental exercise as we remember the late Nobel Prize–winning economist Milton Friedman on his 100th birthday tomorrow.

    If we could rebuild our education system from scratch, it’s unlikely we would create a system that assigns children to government-run schools based on their parents’ zip codes. After all, geography and income shouldn’t determine a child’s educational opportunity. If we rebuilt our education system to reflect Friedman’s philosophy, parents would be free to choose an education that best met their children’s needs, with money following the children to any schools of their choice: public, private, charter, virtual, or home school.

    Friedman pioneered the idea of educational vouchers, and more than a half century later, that vision is taking hold at a rapid pace. State leaders across the country are making school choice a reality for hundreds of thousands of American families. In 2011 alone, 13 states enacted or expanded school choice programs, prompting The Wall Street Journalto deem 2011 “The Year of School Choice.”

    Arizona enacted groundbreaking education savings accounts, Indiana created the largest voucher program in the country, and the highly success D.C. Opportunity Scholarship Program was reauthorized.

    While school choice momentum has been building dramatically in the last two years, most children still attend assigned public schools. For too many families, school choice remains out of reach.

    Poor families are most affected by this lack of choice. As Friedman noted, “There is no respect in which inhabitants of a low-income neighborhood are so disadvantaged as in the kind of schooling they can get for their children.” It is a sad statement quantified by data on low levels of academic achievement and attainment.

    In Denver, just 44 percent of students graduate. In Philadelphia, a mere 46 percent of students complete high school. And in Detroit, just 33 percent of children graduate.

    And if they are persistent enough to graduate, what have they learned? Nine percent of Baltimore fourth-graders are proficient in reading. Just 11 percent of their eighth-grade peers can read proficiently. A devastating 7 percent of Cleveland fourth-graders are proficient in reading. In Detroit, just 6 percent can read proficiently.

    These low levels of academic achievement and attainment aren’t confined to low-income students or urban school districts. Across the country, for all children, just one-third can read proficiently. Graduation rates have hovered around 74 percent since the 1970s, and math and reading achievement has been virtually flat over the same time period. On international assessments, American students rank in the middle of the pack, outperformed in math by the Czech Republic, Slovakia, and Estonia.

    Friedman had a strong belief in the power of markets to improve education, and he didn’t mince words about school choice: We will only see improvements in education, he said, “by privatizing a major segment of the educational system—i.e., by enabling a private, for-profit industry to develop that will provide a wide variety of learning opportunities and offer effective competition to public schools.”

    That’s certainly going big on school choice. But what exactly did Friedman mean by “privatizing a major segment of the educational system”? Just because we have agreed to the public financing of education does not mean government should be the sole provider of that education and dictate where children go to school.

    As we remember Friedman on his 100th birthday, we need to rethink what “public” education means, thinking instead in terms of educating the public, not in terms of government-run schools—that is, as publicly financed but operated by many different providers. If we consider public education in those terms, we can start to think through funding mechanisms at the state level that will bring about widespread school choice.

    Today, we have a growing number of innovative school choice options—charters, vouchers, tax credits, online learning, and education savings accounts, to name a few. These options were conceived in the mind of Friedman and are being brought to life by reform-oriented governors and legislators across the country.

    While these reforms have been a long time in the making, Friedman would no doubt be proud of the progress that has been made on school choice over the past few years. And thanks to his formational work, children across the country are increasingly gaining access to customized education that meets their unique needs.

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    Milton Friedman remembered at 100 years from his birth (Part 4)

    I ran across this very interesting article about Milton Friedman from 2002: Friedman: Market offers poor better learningBy Tamara Henry, USA TODAY By Doug Mills, AP President Bush honors influential economist Milton Friedman for his 90th birthday earlier this month. About an economist Name:Milton FriedmanAge: 90Background: Winner of the 1976 Nobel Prize for economic science; […]

    Milton Friedman videos and transcripts Part 11

    Milton Friedman videos and transcripts Part 11 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 […]

    Open letter to President Obama (Part 117.3)

    A Taxing Distinction for ObamaCare Published on Jun 28, 2012 by catoinstitutevideo http://www.cato.org/publications/commentary/it-now-falls-congress http://www.cato.org/publications/commentary/taxing-decision http://www.cato-at-liberty.org/supreme-court-unlawfully-rewrites-obamacare-to… http://www.cato-at-liberty.org/congress-its-not-a-tax-scotus-yes-it-is/ The Cato Institute’s Roger Pilon, Ilya Shapiro, Michael F. Cannon, Michael D. Tanner and Trevor Burrus evaluate today’s ruling on ObamaCare at the Supreme Court. Video produced by Caleb O. Brown and Austin Bragg. ____________ President Obama c/o The […]

    Milton Friedman videos and transcripts Part 10

    Milton Friedman videos and transcripts Part 10 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 […]

    Milton Friedman videos and transcripts Part 9

    Milton Friedman videos and transcripts Part 9 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 […]

    Milton Friedman’s biography (Part 2)(Interview by Charlie Rose of Milton Friedman part 3)

    Biography Part 2 In 1977, when I reached the age of 65, I retired from teaching at the University of Chicago. At the invitation of Glenn Campbell, Director of the Hoover Institution at Stanford University, I shifted my scholarly work to Hoover where I remain a Senior Research Fellow. We moved to San Francisco, purchasing […]

    Milton Friedman at Hillsdale College 2006 (part 2)

    Milton Friedman at Hillsdale College 2006 July 2006 Free to Choose: A Conversation with Milton Friedman Milton Friedman Economist Milton Friedman is a senior research fellow at the Hoover Institution at Stanford University and a professor emeritus of economics at the University of Chicago, where he taught from 1946-1976. Dr. Friedman received the Nobel Memorial […]

    Milton Friedman videos and transcripts Part 8

    Milton Friedman videos and transcripts Part 8 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 […]

    Milton Friedman remembered at 100 years from his birth (Part 2)

    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 […]

    Milton Friedman believed in liberty (Interview by Charlie Rose of Milton Friedman part 1)

    Charlie Rose interview of Milton Friedman My favorite economist: Milton Friedman : A Great Champion of Liberty  by V. Sundaram   Milton Friedman, the Nobel Prize-winning economist who advocated an unfettered free market and had the ear of three US Presidents – Nixon, Ford and Reagan – died last Thursday (16 November, 2006 ) in San Francisco […]

    Free or equal? 30 years after Milton Friedman’s Free to Choose (Part 1)

    Free or Equal?: Johan Norberg Updates Milton & Rose Friedman’s Free to Choose I got this below from Reason Magazine: Swedish economist Johan Norberg is the host of the new documentary Free or Equal, which retraces and updates the 1980 classic Free to Choose, featuring Milton and Rose Friedman. Like the Friedmans, Norberg travels the globe […]

    Reason Magazine’s rightly praises Milton Friedman but makes foolish claim along the way

    I must say that I have lots of respect for Reason Magazine and for their admiration of Milton Friedman. However, I do disagree with one phrase below. At the end of this post I will tell you what sentence it is. Uploaded by ReasonTV on Jul 28, 2011 There’s no way to appreciate fully the […]

    Video clip:Milton Friedman discusses his view of numerous political figures and policy issues in (Part 1)

    Milton Friedman on Hayek’s “Road to Serfdom” 1994 Interview 1 of 2 Uploaded by PenguinProseMedia on Oct 25, 2011 Says Federal Reserve should be abolished, criticizes Keynes. One of Friedman’s best interviews, discussion spans Friedman’s career and his view of numerous political figures and public policy issues. ___________________ Two Lucky People by Milton and Rose Friedman […]

    Milton Friedman remembered at 100 years from his birth (Part 1)

    What a great man Milton Friedman was. The Legacy of Milton Friedman November 18, 2006 Alexander Tabarrok Great economist by day and crusading public intellectual by night, Milton Friedman was my hero. Friedman’s contributions to economics are profound, the permanent income hypothesis, the resurrection of the quantity theory of money, and his magnum opus with […]

    Milton Friedman videos and transcripts Part 7

    Milton Friedman videos and transcripts Part 7 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 […]

    Transcript and video of Milton Friedman on Bill Clinton and Ronald Reagan (Part 1)

    Below is a discussion from Milton Friedman on Bill Clinton and Ronald Reagan. February 10, 1999 | Recorded on February 10, 1999 audio, video, and blogs » uncommon knowledge PRESIDENTIAL REPORT CARD: Milton Friedman on the State of the Union with guest Milton Friedman Milton Friedman, Senior Research Fellow, Hoover Institution and Nobel Laureate in […]

    Dan Mitchell’s article on Chili and video clip on Milton Friedman’s influence

    Milton Friedman and Chile – The Power of Choice Uploaded by FreeToChooseNetwork on May 13, 2011 In this excerpt from Free To Choose Network’s “The Power of Choice (2006)”, we set the record straight on Milton Friedman’s dealings with Chile — including training the Chicago Boys and his meeting with Augusto Pinochet. Was the tremendous […]