[969] Of in honor of Milton Friedman
November 17th, 2006 by Hafiz Noor Shams
What most people really object to when they object to a free market is that it is so hard for them to shape it to their own will. The market gives people what the people want instead of what other people think they ought to want. At the bottom of many criticisms of the market economy is really lack of belief in freedom itself.
— Milton Friedman (July 31, 1912 – November 16, 2006)
A brilliant mind is lost forever.
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Another great lost. My dream to meet this man remains a dream.
Some years back, RTM broadcasted his series “Free To Choose”,however i cannot completely agree to completely free market system.
The present financial crises have shown the worst in human nature.Greed is motive behind capitalistic market economy. Therefor thats why we have to have government to have an oversight,so that the impact on the 70% of general population or the middle class is not adversly affected.
Milton Friedman if i am not wrong, stated that shareholder have no duty to anyone else except to the well being of a corporation.
Market Capitalism is philosophy, NOT the gospel.
The crisis is not fully caused by free market. Government intervention also contributed to it.
Besides, there is no such thing as pure free market economy in the world. Yet, the blame has been disproportionate placed on free market.