Wednesday, November 14, 2007

THE EFFICIENCY OF PRIVATE ENTERPRISE VERSUS GOVERNMENT FAILURE

"Everything the government does, private enterprise can do for half the cost."

-- Milton Friedman



Just a few days ago, Dallas Fed posted previously unreleased conversation with Milton Friedman. It can be found here.

Here is an opinion of the Nobel-winning economist about several issues:

On the impact of globalization:
“…it's a curious situation. You read the newspapers and you think the world is going to hell. You think the economy is doing badly. And yet, the truth is, that we have never in our history had as productive an economy as we do now.”

On China:
“You cannot maintain, in my opinion, today's political structure and today's economic structure.”

On Government Spending:
“…as government has increased spending, we make ourselves a less attractive society in which to set up business, in which to run a business.”

On Social Security:
“My favorite solution…would be to give every individual who's in a Social Security system now—either as a recipient or as a payer—a bond equal to the present value of what they so far have actually earned and then close the system down.”

2 comments:

Anonymous said...

I have really great respect for Milton. On one point of his life he was the only one who really understood how economy works. And he was fighting against titans....and won!
Rest in peace, your word will not be forgotten.

Dr. T said...

Yes, a truly great man. The world lost one of it's greatest when he died.