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Harry Truman once complained he wanted to find a one-handed economist because he was tired of asking a direct question of those on his economic team, only to have them say, “On the one hand … but on the other hand.”
If there was one hand that noted economist Milton Friedman favored, it was the “invisible hand” of the free market.
Today marks the 102nd anniversary of Friedman’s birth. He died in 2006, but during his long career Friedman won over admirers and drove left-of-center critics crazy with his direct and eloquent defense of capitalism.
Friedman won the Nobel Prize in economics in 1976. But perhaps his greatest influence was nudging people who otherwise may have had little interest in the “dismal science” of economics to look at the world through a new set of eyes and question their assumptions.
Here’s a look at some of Friedman’s most notable quotes:
- “The most important single central fact about a free market is that no exchange takes place unless both parties benefit.”
- “Most economic fallacies derive from the tendency to assume that there is a fixed pie, that one party can gain only at the expense of another.”
- “A society that puts equality before freedom will get neither. A society that puts freedom before equality will get a high degree of both.”
- “When everybody owns something, nobody owns it, and nobody has a direct interest in maintaining or improving its condition. That is why buildings in the Soviet Union—like public housing in the United States—look decrepit within a year or two of their construction…”
- “Concentrated power is not rendered harmless by the good intentions of those who create it.”
- “One of the great mistakes is to judge policies and programs by their intentions rather than their results.”
- “If you put the federal government in charge of the Sahara Desert, in five years there’d be a shortage of sand.”
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Milton Friedman on Fairness vs Freedom
99th anniversary of Milton Friedman’s birth (Part 2)
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.
Happy 99th Birthday, Milton Friedman
by Don Boudreaux on July 31, 2011
During the second semester of my freshman year of college (Spring 1977) – the semester in which I was first exposed to economics – Bill Field (then a professor of economics at my alma mater, Nicholls State University in Thibodaux, LA) recommended that I read the writings of Milton Friedman. Of course, as an 18-year old who’d read very little of anything beyond the sports pages of the Times-Picayune (and, back then, also the sports pages of the States-Item), I’d never heard of Milton Friedman.
“Dr. Field” – as I’d called Bill for many years – loaned me his copy of Friedman’s collection of Newsweek columns, An Economist’s Protest. I was blown away by the logic, the sensibleness, and the passion channeled toward the goal of maximum human dignity.
That summer, I subscribed to Newsweek simply to get Friedman’s columns (which, if I recall correctly, appeared in every third issue). (I read Paul Samuelson’s Newsweek columns, too, of course; they left me cold.) I believe that the first column of Friedman’s that I read from an actual issue of Newsweek was the one in the July 4, 1977 issue. Its title is “Fair versus Free.” (Here’s a reprint.) It remains today just I recall it from 34 years ago: powerful and compelling. From it I extract today’s Quotation of the Day:
When “fairness” replaces “freedom,” all our liberties are in danger. In Walden, Thoreau says: “If I knew for a certainty that a man was coming to my house with the conscious design of doing me good, I should run for my life.” That is the way I feel when I hear my “servants” in Washington assuring me of the “fairness” of their edicts.
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The fundamental principal of the free society is voluntary cooperation. The economic market, buying and selling, is one example. But it’s only one example. Voluntary cooperation is far broader than that. To take an example that at first sight seems about as far away as you can get __ the language we speak; the words […]
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_________________________ Pt3 Nowadays there’s a considerable amount of traffic at this border. People cross a little more freely than they use to. Many people from Hong Kong trade in China and the market has helped bring the two countries closer together, but the barriers between them are still very real. On this side […]
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Aside from its harbor, the only other important resource of Hong Kong is people __ over 4_ million of them. Like America a century ago, Hong Kong in the past few decades has been a haven for people who sought the freedom to make the most of their own abilities. Many of them are […]
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Volume 1: Power of the Market Volume 2: The Tyranny of Control
Volume 3: Anatomy of a Crisis
Volume 4: From Cradle to Grave
Volume 5: Created Equal
Volume 6: What’s Wrong With Our Schools?
Volume 7: Who Protects the Consumer?
Volume 8: Who Protects the Worker?
Volume 9: How to Cure Inflation
Volume 10: How to Stay Free
Updated 1990 Series:
Volume 1: The Power of the Market
Volume 2: The Tyranny of Control
Volume 3: Freedom & Prosperity
Volume 4: The Failure of Socialism
Volume 5: Created Equal
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