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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
Crackpot
Labor
Crackpots
Theory
Exploited
Instead
Marx
Says
Liberalism
Saying
Stood
Economy
Capital
Head
Kelso
Politics
Worse

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My major problem with the world is a problem of scarcity in the midst of plenty ... of people starving while there are unused resources ... people having skills which are not being used.
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How did we make the transition from using wood to using coal, from using coal to using oil, from using oil to using natural gas? How in God's name did we make that transition without a Federal Energy Agency?
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Cutting government spending and government intrusion in the economy will almost surely involve immediate gain for the many, short-term pain for the few, and long-term gain for all.
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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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Now that I'm 60, every morning I look in the mirror and say, I don't know who you are, stranger, but I'm gonna shave you anyway.
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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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The black market was a way of getting around government controls. It was a way of enabling the free market to work. It was a way of opening up, enabling people.
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The invisible hand in politics operates in the opposite direction to the invisible hand in the market.
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Most of the energy of political work is devoted to correcting the effects of mismanagement of government.
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Germany has a very able and productive workforce. It has high-quality products that are valued all over the world. It has every opportunity to be a productive, growing state. It just has to give its entrepreneurs a chance. It has to let them make money, hire and fire, and act like entrepreneurs.
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Concentrated power is not rendered harmless by the good intentions of those who create it.
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One of the great mistakes is to judge policies and programs by their intentions rather than their results.
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The fall of the Berlin Wall really demonstrated beyond the shadow of a doubt that there was a bad system, and what subsequently happened in the Soviet Union, that that system was a failure.
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