Today marks the 112th birthday of economist Milton Friedman, one of history’s most consequential free-market advocates. Reflecting on the work of Friedman this year reminds us how much more sound a…
Dr. Milton Friedman appears at a Washington news conference in the Mayflower Hotel in Washington in connection with the American Conservative Political Action Conference, Feb. 14, 1976. Today marks the 112th birthday of economist Milton Friedman, one of history’s most consequential free-market advocates. Reflecting on the work of Friedman this year reminds us how much more sound and sustainable the nation’s policies could be.
“Nobody spends somebody else’s money as carefully as he spends his own,” he said. “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.”
Friedman’s warning to judge policies by their results rather than the intentions is one we wish policymakers actually took to heart.
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