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Thread: Milton Friedman: No Free Lunch

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    Milton Friedman: No Free Lunch

    Tradition is not the worship of ashes, but the preservation of fire. ― Gustav Mahler

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    carolina73 (06-21-2022)

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    The only thing wrong is that his protectionism position did not consider predatory governments like we have in China.
    Let's go Brandon !!!

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    Quote Originally Posted by carolina73 View Post
    The only thing wrong is that his protectionism position did not consider predatory governments like we have in China.
    Economically, he was right. Politically, Trump was right.
    Tradition is not the worship of ashes, but the preservation of fire. ― Gustav Mahler

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    Keep in mind that during the Carter economic breakdown he said the oil companies were making "Obscene profits". Never much trusted anything he ever said after that.
    Devotion to the truth is the hallmark of morality; there is no greater, nobler, more heroic form of devotion than the act of a man who assumes the responsibility of thinking.”
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    Quote Originally Posted by OLD GUY IN FLORIDA View Post
    Keep in mind that during the Carter economic breakdown he said the oil companies were making "Obscene profits". Never much trusted anything he ever said after that.
    Are you sure he said that that way?

    I'm searching and find the following:

    From Freedom to Choose (.pdf):



    Senator Henry Jack not Milton Friedman who seemed there critical.

    This is confirmed in How the 1970s Energy Crisis Changed American Politics: "Scoop Jackson, who is an ambitious Democrat from the state of Washington, realizes that he can make political hay over this shortage. He calls all of the leading Big Oil executives to Washington and accuses them of charging obscene profits. This is the popular mentality at the time."

    Milton Friedman’s sensible approach to drug policy confirms Friedman's criticism of Jackson and his belief it was government corruption that created "obscene
    profits."

    In a famous 1989 open letter to Bill Bennett, drug czar under the first President Bush, Friedman wrote:

    “Your mistake is failing to recognize that the very measures you favor are a major source of the evils you deplore … Illegality creates obscene profits that finance the murderous tactics of the drug lords; illegality leads to the corruption of law-enforcement officials; illegality monopolizes the efforts of honest law forces so that they are starved for resources to fight the simpler crimes of robbery, theft and assault.”
    Finally, “Energy Rhetoric” (.pdf) written by Friedman for Newsweek demonstrates he was criticizing Jackson during the Carter economic crisis:

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    It was reported on news shows at the time that was said by Milton Freedman. I had trouble believing it since he was a cohort of Ayn Rand. However, that is what I remember hearing that he said.

    It could very well be that the media then as it is today has no problem with twisting quotes and lying about who actually said them.
    Last edited by OLD GUY IN FLORIDA; 06-21-2022 at 06:48 PM.
    Devotion to the truth is the hallmark of morality; there is no greater, nobler, more heroic form of devotion than the act of a man who assumes the responsibility of thinking.”
    Ayn Rand, Atlas Shrugged

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