Saturday, September 20, 2008

Quote of the Day: Natural Economists

I have found, over a long time, that some people are natural economists. They don't take a course, but they understand--the principles seem obvious to them. Other people may have Ph.D.s in economics, but they're not economists. They don't think like an economist. Strange, but true.

~Milton Friedman in the WSJ, at age 94 (4 months before he died)

HT: Jack McHugh


At 9/20/2008 11:50 AM, Anonymous Fred said...

I miss Milton Friedman. He was a national treasure.

At 9/20/2008 12:43 PM, Anonymous QT said...

I miss him too. It would have been great to get his take on the current financial debacle. It was a privilege hearing one of the great geniuses of the 20th century.

There is a great show on PBS entitled Nova Science Now which profiles extraordinary scientists like Dr. Folkman. There are a very rare people who influence our lives in ways that are unimaginable leveraging their talents to the benefit of mankind.

Not all leverage is a bad thing!

Milton Friedman will continue to inspire, amuse and challenge future generations through his books, and TV programs.

At 9/22/2008 12:30 PM, Anonymous Allan Manchester said...

Oh jeez. MF was a showman. Either he did not understand economics or he was purposely deceptive in his rhetoric.
>"Since unions have generally been strongest among groups that would have been high-paid anyway..."< Friedman as quoted at me on Facebook
This statement is just not true. Saying it makes you a quack or a liar, and I don't really care which one Friedman was. He should have known better.
When you throw in something that is blatantly untrue, it tarnishes the entire argument. Someone of Friedman's stature should not have to resort to lies to make his point. Either he was completely careless in what he said, or he cared more for convincing than for reality. Either way, the quote destroys Friedman's credibility.


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