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

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History suggests that capitalism is a necessary condition for political freedom. Clearly it is not a sufficient condition.
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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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The long-range sloution to high unemployment is to increase the incentive for ordinary people to save, invest, work, and employ others. We make it costly for employers to employ people we subsidize people not to go to work We have a system that increasingly taxes work and subsidizes nonwork.
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Underlying most arguments against the free market is a lack of belief in freedom itself.
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A society that puts equality before freedom will get neither. A society that puts freedom before equality will get a high degree of both.
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If you put the federal government in charge of the Sahara Desert, in 5 years there'd be a shortage of sand.
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The government solution to a problem is usually as bad as the problem.
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Speeches by businessmen on social responsibility...may gain them kudos in the short run. But it helps to strengthen the already too prevalent view that the pursuit of profits is wicked.... There is one and only one social responsibility of business-to...engage in open and free competition without deception or fraud.
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The Great Depression in the United States, far from being a sign of the inherent instability of the private enterprise system, is a testament to how much harm can be done by mistakes on the part of a few men when they wield vast power over the monetary system of the country.
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You mustn't judge a politician by talk. You have to judge them by performance.
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The real tragedy of minimum wage laws is that they are supported by well-meaning groups who want to reduce poverty. But the people who are hurt most by higher minimums are the most poverty stricken.
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The world runs on individuals pursuing their self interests. The great achievements of civilization have not come from government bureaus. Einstein didn't construct his theory under order from a bureaucrat. Henry Ford didn't revolutionize the automobile industry that way.
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A private enterprise system needs some measuring rod, it needs something, it needs money to make its transactions. You can't run a big complicated system through barter, through converting one commodity into another. You need a monetary system to operate. And the instability in that monetary system is devastating to the performance of the economy.
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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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I do not believe there is a natural resource economics. I believe there is good economics and bad economics.
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How can we keep the government we create from becoming a Frankenstein that will destroy the very freedom we establish it to protect? Freedom is a rare and delicate plant.
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