Friday, September 02, 2011

Neoliberalist & Nobel Laureate

Economics shows us that one's mind is really selfish... Milton Friedman (1912-2006), Nobel laureate in economics (1976), & an advocator of neoliberalism, gave an interesting remark on government spending at an interview by John Hawkins on September 16th, 2003:
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.

The Smaller, The Better

Miilton Friedman

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