Archive for the ‘Milton Friedman’ Category

Nobel laureate Milton Friedman makes a case for less regulation and legalization of drugs:

One of the most effective remedies for the problem of crime is to reduce the number of things that are crimes.

If you had a legal source of drugs at relatively low prices, which they would be, you would drastically eliminate this whole category of crime.


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Milton Friedman on the single most important side effect of social policies:

One of the things I hold against the welfare system most seriously is that it has destroyed private charitable arrangements which are far more effective, far more compassionate, far more person-to-person in helping people.

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Nobel laureate Milton Friedman makes an important point about the availability of resources:

What matters are the resources which are available to be used, not those that will be discovered later on.

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Decades ago, Nobel laureate Milton Friedman discussed the impact of intellectuals and businessmen on the free enterprise system:

You must separate out being pro free enterprise from being pro business.

The two greatest enemies of the free enterprise system have been on the one hand my fellow intellectuals and on the other the big businessmen. For opposite reasons:

The intellectual is all in favor of freedom for himself and all opposed to it for everybody else.

Almost every businessman is in favor of free enterprise for everybody else but special privileges for himself.

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Senator Rand Paul, son of former Republican Presidential candidate Ron Paul, discusses his political ideas with Peter Robinson for Uncommon Knowledge:

There is a route to victory for Republicans nationally without diluting our message.

If you care about small government, there is almost a requirement of care about supporting the family.

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Nobel laureate Milton Friedman brilliantly dissects the pros and cons of drug legalization:

The one negative feature of legalizing drugs is that there might be some additional drug addicts. However, the child who is shot in a pass-by shooting is an innocent victim in every respect of the term. But the person who decides to take drugs for himself is not an innocent victim.

If it is in principle okay for the government to say you must not consume drugs because they do you harm, why isn’t it alright for the government to say must not eat too much because it may do you harm? Why isn’t it alright for the government to say you must not go in for skydiving because you might die? Why isn’t it alright to say “Oh skiing, that is no good, that is a very dangerous sport. You’ll hurt yourself”? Where do you draw the line?

One of the most important reasons to legalize drugs, however, is mentioned only very briefly. If you legally buy something from a shop or restaurant you can always sue the owner if the product is of low quality or even harmful. But if you illegally buy drugs, there is no way you can sue the salesperson. And, of course, the salesperson knows and anticipates this problem.

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One hundred years ago, the United States experienced three major changes:

  • The 16th amendment introduced a federal income tax
  • The Federal Reserve (Fed) was created
  • The 17th amendment introduced the popular vote of senators

Some have described these changes by saying that 1913 was the worst year in U.S. history. Let us have a look at the last two changes.

Nobel laureate Milton Friedman on the track record of the Fed:

It has done far more harm than good.

Judge Andrew Napolitano on the 17th amendment:

It may sound like more democracy but it was the death knell of the idea that the federal government is a coming-together of independent, sovereign states.

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Nobel laureate Milton Friedman on why government programs so often fail to achieve their goals:

The trouble is in the system.

When a private enterprise fails, it is closed down.
When a government enterprise fails, it is expanded.



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Nobel laureate Milton Friedman was asked why we have so many millionaires while others cannot make ends meet. Here is his answer:

Most residual hard cases of poverty today are the result of a failure of government.

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Nobel laureate Milton Friedman on various issues like the national debt, unfunded liabilities, taxation, social security, and the high cost of medical care:

The fundamental reason why we have high expenses on medical care is because everything is a third-party payment, nobody pays for himself.

You are never going to do all this but it is well to have in mind what you would like to do.

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