Friday, July 5, 2013

A story about Milton Friedman...




... that may or may not be true but is in keeping with his character.


Sometime, back in the 70s, Friedman was over in China and the Chi-comm officials hosting his visit took him to one of their massive public works projects out in the countryside. Don't recall whether it was a dam or a highway but anyway, Friedman noted that all the workers were using garden variety manual labor tools; shovels, pick axes, wheelbarrows, etc. Friedman, extremely perplexed, asked a party official why there wasn't any big mechanized earth moving equipment being employed. The party honcho rather loftily and proudly responded that they were creating more jobs by doing it in this manner. Friedman, being careful not to offend his hosts but shaking his head none the less, offered up his own advice based upon the logical extension of Communist labor theory: "Well, in that case, why not give them all table spoons."


We have yet to even scratch the surface of understanding and articulating market theory and economic behavior like this American giant and we are poorer for it.

.

15 comments:

K T Cat said...

LOL!

Ronti waqus said...

nice story...it is very informative.online casino

kristina Maria said...

i know about him.he is a great man.he is also a interesting person.thanks for share with us.get ordained online

Sagor Roy said...

i like him personally.he is very good person..informative and useful post.all post are very informative and useful in this blog.people can get many useful knowledge and

news here.keep posting......Best listing site on the web

Ronti waqus said...

Bizibrush Painters Free Quotes call 0401 497 324 we deliver low cost high quality house and commercial painting services, hire trusted local painters. No job to big or small, all areas.Bizibrush Painters Free Quotes call 0401 497 324 we deliver low cost high quality house and commercial painting services, hire trusted local painters.
No job to big or small, all areas.for more information, please visit this link...House painters,homepainting,painters Warrnambool

Carpet steam cleaning service said...

Steam carpet cleaning services can be ice huge help to homeowners that are having problems with stains in their carpets, carpet areas that need a bit of refinishing or revitalization and for homes that need a deep clean for their flooring. Triple Star Steam Carpet cleaning in is an optimal way that you can get access to the best form of cleaning support for your flooring.

Alex Madison said...

We are a Premier Real Estate Company Located in Lake Mary FL. !5 years Experience separates us from the rest. Love to help both Buyers And Sellers. Contact Us Now! 407 247 1139

Lisa Resnick said...

Allegra is scalable agile task management software for teams of all sizes. Get structure into your tasks and projects with this best of breed project management software. It is fun to use and will boost your teams productivity. Being on the market for more than 10 years, this tool has evolved to become the most flexible, powerful and yet easy to use project management platform on the market.

Kate Upton said...

El Paso SEO We Generate New Revenue for our Clients with Organic Search Engine Traffic. We are El Paso #1 Digital Marketing & SEO Company

Lighting Crunch said...

If you’re still wondering whether you should keep the halogen headlights of your car or shift to LED highlight bulbs, we’ve got your back. Seriously, should you make this change? How to keep yourself safe when driving and with a moderate budget? Let’s light up your knowledge about car LED headlight bulbs and why you should get yours as quickly as possible.

Icons4web said...

Icons for website and web buttons to use in your creative projects, web development, ad campaign, social media pages, and presentations.

BEST SEO SERVICE said...

We're an business that masters the abilities of making multi-dimensional internet development as well as promotional services for the prestigious customers. We possess separate groups to appeal your marketplace needs for SEO , Social Press High Rates and Customer Friendly Internet Designing. We set our very own standards to be able to break by our personal professionals!

Secret Craze said...

At Secretcraze , we're always looking for ways to exceed your expectations. If you have forgotten your password, if you have questions regarding the status of your order or about order tracking, product availability, we are here to help you get the most out of your shopping experience.

Ghost Glitches said...

Ghosts 2 glitches , is most awaited game for the gamer. Ghosts 2 offering so many things like: new weapons, maps, better graphics and more hiding spots. Call of Duty fans has an incredible eagerness towards Ghosts 2 though it’s not come yet.

Nahid Chowdhury said...

From global chain stores to the neighborhood grocer, RGIS
is the partner you can trust to do your project right.