Milton Friedman Daily
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Your daily dose of Milton Friedman — insights on the economy, government, education, and social issues. More: @DailySowell, @VoLDaily. Follow & Subscribe!
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“The Chinese are such smart, clever people, and it is not beyond the possibilities that they may be able to construct a good Adam Smith capitalist society under the label of communism. I hope so, but I don’t think even the Chinese can pull it off.”
— Milton Friedman
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Milton Friedman: “I am not a conservative. I’ve never been a conservative. Hayek was not a conservative.”
“We are liberals in the true meaning of that term: concerned with freedom. We are not liberals in the current distorted sense—those liberal with other people’s money.”
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Adam Smith understood this in 1776.
250 years later, many people still don’t.
Milton Friedman on 4 ways to spend money:
1) Your money on yourself (you’re careful about both cost and quality)
2) Your money on others (you care about cost, less about quality)
3) Someone else’s money on yourself (you care about quality, not cost)
4) Someone else’s money on others (you care about neither)
The last one is how government spending works.
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Milton Friedman:
“Economists don’t know much, but there’s one thing we know very, very well—and that’s how to produce shortages.”
“You want a shortage of housing in New York City? Set a maximum price on rent, and you will have a shortage of housing.”
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“You cannot simultaneously have a welfare state and free immigration.”
— Milton Friedman
