Dittos Rush!

DITTOS RUSH! Contemporary media musings bestowed by an American conservative Christian!

Saturday, August 4, 2012

Milton Friedman: The fallacy of doing good with other people's money!!

There is much wisdom in this sound bite from an old interview with Milton Friedman:

"The fallacy that it is feasible and possible to do good with other people's money has two flaws. If I'm going to do good with other people's money, I first have to take it away from them. Secondly, very few people spend other people's money as carefully as they spend their own."

Milton Friedman (July 31, 1912 -- November 16, 2006) was an American economist, statistician, and author who taught at the University of Chicago for more than three decades. He was a recipient of the Nobel Memorial Prize in Economic Sciences, and is known for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy. A survey of economists ranked Friedman as the second most popular economist of the twentieth century behind John Maynard Keynes, and The Economist described him as "the most influential economist of the second half of the 20th century...possibly of all of it."

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