Monday, July 20, 2009

Milton Friedman on Limited Government

Milton Friedman was an American economist, statistician and public intellectual, and a recipient of the Nobel Memorial Prize in Economic Sciences. I love watching old videos of him and you can tell how much of a deep thinker he was. I have watched a lot of videos of him and no interviewer can seem to stumble him with any question. He is such an intellect, and you can tell that he speaks from his true beliefs, unlike modern day politicians that just completely spin a question without fully answering them. I would recommend taking some time to learn more about Milton Friedman, I personally, have learned a great deal from him.

One thing that is very interesting about Friedman is that he was originally a Keynesian supporter of the New Deal and advocate of government intervention in the economy. Then in the 1950's he challanged the basic Keynesian model(reinterpretation of the consumption function). While he was at the University of Chicago, Friedman became the leader of the first recognized counterrevolution against Keynesianism.

Here is a great quote by Friedman:
"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. So if you want efficiency and effectiveness, if you want knowledge to be properly utilized, you have to do it through the means of private property."
Related Links
Milton Friedman "Power of the Market" A series of brief lectures

1 comment:

  1. At some point, when the price goes down, I'd like to buy his book: "Monetary History of the United States 1867 1960"