Moss Factor
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A great American economist and Nobel laureate Milton Friedman has passed away today. Here is what one of my favorite blogs had to say about it:
November 16, 2006
Milton Friedman, RIP
Andrew Roth
With a heavy heart, I just now learned that Nobel Prize-winning economist Milton Friedman has died. He was one of the greatest advocates for free markets that this country has ever seen. And he was a faithful and long time member of the Club for Growth.
My first introduction to Friedman was his monster book, A Monetary History of the United States, that he co-wrote with Anna Schwartz. At the time, I was in over my head and never completed it, but then I stumbled upon Capitalism and Freedom and, boy, was I hooked.
One of my favorite pearls of wisdom that Friedman conveyed was his "four ways to spend money". In an interview with Fox News, he described it this way:
"There are four ways in which you can spend money. 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, 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% of our national income."
There's a saying that seems apt for the occasion. Today's supply-siders and free market economists "are like dwarfs on the shoulders of giants", and Friedman is one of those giants.
I look forward to reading what others in the blogosphere will say about him. He was a great man.
Here is a video of Milton for everyone to enjoy.
And another.
An article by Larry Kudlow of CNBC's Kudlow and Company
Free to Choose:
Milton Friedman on Limited Government
The Tyranny of Control
Created Equal
Who Protects the Consumer?
The Failure of Socialism
November 16, 2006
Milton Friedman, RIP
Andrew Roth
With a heavy heart, I just now learned that Nobel Prize-winning economist Milton Friedman has died. He was one of the greatest advocates for free markets that this country has ever seen. And he was a faithful and long time member of the Club for Growth.
My first introduction to Friedman was his monster book, A Monetary History of the United States, that he co-wrote with Anna Schwartz. At the time, I was in over my head and never completed it, but then I stumbled upon Capitalism and Freedom and, boy, was I hooked.
One of my favorite pearls of wisdom that Friedman conveyed was his "four ways to spend money". In an interview with Fox News, he described it this way:
"There are four ways in which you can spend money. 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, 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% of our national income."
There's a saying that seems apt for the occasion. Today's supply-siders and free market economists "are like dwarfs on the shoulders of giants", and Friedman is one of those giants.
I look forward to reading what others in the blogosphere will say about him. He was a great man.
Here is a video of Milton for everyone to enjoy.
And another.
An article by Larry Kudlow of CNBC's Kudlow and Company
Free to Choose:
Milton Friedman on Limited Government
The Tyranny of Control
Created Equal
Who Protects the Consumer?
The Failure of Socialism
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