Milton Friedman Quotes About Efficiency
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Nobody spends somebody else's money as carefully as he spends his own. 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.
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Corruption is government intrusion into market efficiencies in the form of regulations.
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The preservation of liberty, not the promotion of efficiency, is the primary justification for private property. Efficiency is a happy, though not accidental, by-product - and a most important by-product because liberty could not have survived if it had not also produced affluence.
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The important issue is not how much inequality there is but how much opportunity there is for individuals to get out of the bottom classes and into the top. If there is enough movement upward, people will accept the efficiency of the markets. If you have opportunity, there is a great tolerance for inequality. That has been the saving grace of the American system.
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The argument for the free market is a complicated and sophisticated one and depends on demonstration of secondary effects. I have confidence market efficiency will win out.
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Related Authors
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Paul Samuelson Economist -
David D. Friedman Economist -
Adam Smith Philosopher -
George Stigler Economist -
Thomas Friedman Journalist -
Murray Rothbard Economist -
Karl Marx Philosopher -
Friedrich August von Hayek Economist -
Alan Greenspan Economist -
Gary Becker Economist -
John Kenneth Galbraith Economist -
John Maynard Keynes Economist -
Thomas Sowell Economist -
Margaret Thatcher Former Prime Minister of the United Kingdom -
Irving Fisher Economist -
Ludwig von Mises Philosopher -
Paul Krugman Economist -
Frederic Bastiat Economist -
Ayn Rand Novelist
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