![]() Nobody uses somebody else’s resources as carefully as he uses his own. On private property: “Nobody spends somebody else’s money as carefully as he spends his own. Instantly you’ll have a tomato shortage.” If you want to create a shortage of tomatoes, for example, just pass a law that retailers can’t sell tomatoes for more than two cents per pound. On shortages: “We economists don’t know much, but we do know how to create a shortage. Clearly it is not a sufficient condition.” The conditions for freedom: “History only suggests that capitalism is a necessary condition for political freedom. In honor of his birthday, here are six quotes by Friedman on freedom and economics: Even the uber-liberal Paul Krugman, admits that Friedman was “One of the most important economic thinkers of all time…” Friedman’s writings are often so clear and straightforward (unusual for modern economists) that when reading him you often find yourself wondering how anyone could disagree. ![]() Similarly, Milton Friedman, who would have been 103 years old today, could be described as the economist of common sense. Aristotle has often been described as the philosopher of common sense. ![]()
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