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.

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5 comments:

K T Cat said...

LOL!

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