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A crackpot theory. Instead of saying labor's exploited, as Marx did, Kelso says capital's exploited. It's worse than Marx. It's Marx stood on its head.

Milton Friedman

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Milton Friedman
Age: 94 †
Born: 1912
Born: July 31
Died: 2006
Died: November 16
Economist
Essayist
Statistician
University Teacher
Writer
Brooklyn
New York
Milton Fridman
Head
Capital
Politics
Worse
Kelso
Labor
Crackpot
Theory
Crackpots
Instead
Exploited
Says
Marx
Saying
Liberalism
Economy
Stood

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The Founding Fathers envisioned a federal government that trusts its people with their money and freedom, outlining this limited, non-intrusive federal government in...the Constitution, leaving the other powers to people...or to the states.
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What's the difference? How can people be so inconsistent? Why is it that free immigration was a good thing before 1914 and free immigration is a bad thing today? Well, there is a sense in which that answer is right. There's a sense in which free immigration, in the same sense as we had it before 1914 is not possible today. Why not?
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Fundamentally, there are only two ways of coordinating the economic activities of millions. One is central direction involving the use of coercion - the technique of the army and of the modern totalitarian state. The other is voluntary cooperation of individuals - the technique of the marketplace.
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To the free man, the country is the collection of individuals who compose it, not something over and above them. He is proud of a common heritage and loyal to common traditions. But he regards government as a means, an instrumentality, neither a grantor of favors and gifts, nor a master or god to be blindly worshipped and served.
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They think that the cure to big government is to have bigger government... the only effective cure is to reduce the scope of government - get government out of the business.
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The combination of economic and political power in the same hands is a sure recipe for tyranny.
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Not all schooling is education nor all education, schooling.
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If the only motive was to help people who could not afford education, advocates of government involvement would have simply proposed tuition subsidies.
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When everybody owns something, nobody owns it, and nobody has a direct interest in maintaining or improving its condition. That is why buildings in the Soviet Union - like public housing in the United States - look decrepit within a year or two of their construction.
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With some notable exceptions, businessmen favor free enterprise in general but are opposed to it when it comes to themselves.
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George Stigler was a delightful correspondent. In a letter from London in 1948, after remarking on the inconvertibility of the pound and the inedible, still-rationed food, he concluded, So here I am losing weight and gaining pounds.
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Rapid increases in the quantity of money produce inflation. Sharp decreases produce depression.
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The problem in this world is to avoid concentration of power - we must have a dispersion of power.
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. . I think the Adam Smith role was played in this cycle i.e. the late twentieth century collapse of socialism in which the idea of free-markets succeeded first, and then special events catalyzed a complete change of socio-political policy in countries around the world by Friedrich Hayek's The Road to Serfdom.
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No major institution in the US has so poor a record of performance over so long a period as the Federal Reserve, yet so high a public reputation.
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Central bankers always try to avoid their last big mistake. So every time there's the threat of a contraction in the economy, they'll over stimulate the economy, by printing too much money. The result will be a rising roller coaster of inflation, with each high and low being higher than the preceding one.
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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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When a private enterprise fails, it is closed down when a government enterprise fails, it is expanded. Isn't that exactly what's been happening with drugs?
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The growing role that the government has played in financing and administering schooling has led not only the enormous waste of taxpayers money but also to a far poorer educational system.
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We had much freer trade in the 19th century. We have much less globalization now than we did then.
Milton Friedman