Remembering Milton Friedman
Via Greg Mankiw, an interesting remembrance of Milton Friedman including “the world according to Milton Friedman”. Here’s a sample:
1. Concentrated power is not rendered harmless by the good intentions of those who create it.
2. With some notable exceptions, businessmen favor free enterprise in general but are opposed to it when it comes to themselves.
3. The case for prohibiting drugs is exactly as strong and as weak as the case for prohibiting people from overeating.
4. If you put the federal government in charge of the Sahara Desert, in five years there’d be a shortage of sand.