Tuesday, July 31, 2012

Milton Friedman

Having never studied economics other that micro and macro in a single class, I was never a reader of Milton Friedman. Today I read an article in the WSJ about his thinking and his impact on the USA and I am finding myself being a fan. Today is the 100th anniversary of Milton's birth so there is some coverage of him in the media.

One great quote from the article is "In the 1960s, Friedman famously explained that "there's no such thing as a free lunch." If the government spends a dollar, that dollar has to come from producers and workers in the private economy. There is no magical "multiplier effect" by taking from productive Peter and giving to unproductive Paul." I am always amazed at the number of people, some are even well intentioned, that believe a bureaucrat in a far away city has more insight into what people need than the people themselves.

If you are in sales then you know there is no thing as a free lunch - if you don't develop customers and business then you don't eat. That is one of the things I like about sales.

If you don't know much about Milton Friedman, take some time to read a little today. It may help you in the long run.

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