22 Quotes to Celebrate Milton Friedman Day

July 31 is known as a day to honor conservative economist Milton Friedman, as he would have been 103 years old if he were still living today.

Friedman was awarded the Nobel Prize for his work in economics, specifically for “his achievements in the field of consumption analysis, monetary history and theory, and for his demonstration of the complexity of stabilization policy.”

He served as an advisor to President Nixon in the White House and was the president of the American Economic Association before becoming a senior research fellow at the Hoover Institution at Stanford University. Friedman was known for his defense of the free market and call for school choice through a voucher programs.

To honor this great man, here are 22 of his most notable quotes regarding the economy, government, and life.

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1. “If you put the federal government in charge of the Sahara Desert, in 5 years there’d be a shortage of sand.”
2. “The great achievements of civilization have not come from government bureaus. Einstein didn’t construct his theory under order from a bureaucrat. Henry Ford didn’t revolutionize the automobile industry that way.”
3. “Governments never learn. Only people learn.”
4. “Many people want the government to protect the consumer. A much more urgent problem is to protect the consumer from the government.”
5. “One of the great mistakes is to judge policies and programs by their intentions rather than their results.”
6. “There is no such thing as a free lunch.”
7. “I am in favor of cutting taxes under any circumstance and for any excuse, for any reason, whenever it’s possible.”
8. “A society that puts equality before freedom will get neither. A society that puts freedom before equality will get a high degree of both.”
9. “If all we want are jobs, we can create any number—for example, have people dig holes and then fill them up again, or perform other useless tasks. Work is sometimes its own reward. Mostly, however, it is the price we pay to get the things we want. Our real objective is not just jobs but productive jobs—jobs that will mean more goods and services to consume.”
10. “The most important single central fact about a free market is that no exchange takes place unless both parties benefit.”
11. “When everybody owns something, nobody owns it, and nobody has a direct interest in maintaining or improving its condition. That is why buildings in theSoviet Union—like public housing in the United States—look decrepit within a year or two of their construction.”
12. “Hell hath no fury like a bureaucrat scorned.”
13. “The lack of balance in governmental activity reflects primarily the failure to separate sharply the question what activities it is appropriate for government to finance from the question what activities it is appropriate for government to administer—a distinction that is important in other areas of government activity as well.”
14. “Nothing is so permanent as a temporary government program.”
15. “Is there some society you know that doesn’t run on greed? You think Russia doesn’t run on greed? You think China doesn’t run on greed? What is greed? Of course, none of us are greedy, it’s only the other fellow who’s greedy.”
16. “I think the government solution to a problem is usually as bad as the problem and very often makes the problem worse.”
17. “The Great Depression, like most other periods of severe unemployment, was produced by government mismanagement rather than by any inherent instability of the private economy.”
18. “Underlying most arguments against the free marketis a lack of belief in freedom itself.”
19. “I think that the Internet is going to be one of themajor forces for reducing the role of government.”
20. “Concentrated power is not rendered harmless by the good intentions of those who create it.”
21. “Inflation is taxation without legislation.”
22. “Nobody spends somebody else’s money as carefully as he spends his own. Nobody uses somebody else’s resources as carefully as he uses his own. So if you want efficiency and effectiveness, if you want knowledge to be properly utilized, you have to do it through the means of private property.”

Via: Daily Signal

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Here Is The White House Spin On Today's Disappointing Economic Data…

Here Is The White House Spin On Today's Disappointing Economic Data

Full statement from the White House's Alan Krueger:

Today's Economic Data

More than the usual amount of economic statistics were released this morning. As a whole, today’s economic news shows that while we are still fighting back from the worst economic crisis since the Great Depression, we are making progress. We lost more than 8 million jobs and GDP contracted by almost 5 percent as a result of the Great Recession. We have more work to do, but incorporating today’s preliminary benchmark revision to the employment figures released by the Bureau of Labor Statistics with their earlier data indicates that the economy has added nearly 5.1 million private sector jobs, on net, over the past 30 months. BLS announced that total employment likely grew by 386,000 more jobs than previously announced during the 12 months from March 2011 to March 2012, and by 453,000 more private sector jobs in that same time period. In the past decade, the absolute difference between the preliminary and final benchmark revision has averaged 37,000 jobs.

We also saw revised data released today showing that real GDP grew in the second quarter of 2012 by 1.3 percent at an annual rate. Real GDP growth in the second quarter was revised down due, in part, to a downward revision to agriculture inventories as a result of the devastating drought our nation faced this summer. The Obama Administration continues to take all available steps to mitigate the impacts of the drought, and has called on Congress to pass a farm bill that would spur growth and provide rural Americans with the certainty they deserve. We also learned today that the advance report of durable goods orders declined in August, largely as a result of a decline in orders for transportation equipment. Excluding the volatile transportation category, durable goods orders fell by 1.6 percent.

Today’s news shows that we must do more to strengthen our economy and promote job creation. Over a year ago, President Obama proposed the American Jobs Act – a plan that independent economists have said would create up to 2 million jobs. The President will continue to push policies that will continue this progress we have made, including incentives to strengthen the American manufacturing industry, investments in our nation’s infrastructure, and the extension of the tax cuts for 98 percent of Americans and 97 percent of small businesses.

Via: Fox News

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‘Top-Down’ vs. ‘Bottom-Up’

What does ‘top-down economics’ really mean? “We can’t afford more top-down economics. What we need are policies that will grow and strengthen the middle class.” — Barack Obama “Top-down economics” is a hijacked phrase. Objectively, it should be the label assigned to rule-of-czar capitalism steered by government officials. Instead, campaign rhetoric has been assigning it to rule-of-law capitalism driven by consumers and entrepreneurs—supposedly a system steered by the already-rich, in which money gradually trickles down to the middle class. As vivid as that image may be, it is a false depiction of what really happens in a properly functioning private sector. But once the false image captures the attention of enough voters, it’s a simpler step for political entrepreneurs to sell themselves as the better alternative—simpler, that is, than having to compete against the way a vibrant private sector actually works. Entrepreneurs cause money to gush outward, not to ‘trickle down’ There is little disagreement that today’s economy needs more private-sector jobs, and there should be little disagreement that private-sector entrepreneurs are more effective creators of new jobs than politicians are. But entrepreneurial success requires three ingredients: New ideas, sufficient drive, and adequate funding. With all three, entrepreneurs can develop new products and bring them to market, creating lasting new jobs when that process succeeds. Unfortunately, it’s the rule rather than the exception that the typical entrepreneur lacks the third necessary ingredient: Adequate funding. He or she may possess the idea and the initiative, but the necessary funding must come from an outside source. Should the government use higher taxation to forcibly extract additional money from the already-prosperous, then somehow allocate it back into the private sector as the bureaus and agencies see fit? At the macro level, solving the problem of creating millions of new private-sector jobs requires matching thousands of potentially successful entrepreneurs with the funding they need. When this match is made, the typical entrepreneur—far from starting out rich and then deciding to let money “trickle down”— starts by deciding to take on a big risk, then obtains the funding, and then dishes out a gusher of other people’s money to new suppliers and new employees. If unsuccessful, the entrepreneur is the first one to go broke; if successful, he or she is the last one to benefit. In short, the money gushes outward long before success or failure for the risk-taker becomes evident, and therefore long before the entrepreneur can be judged “rich” or “poor.” Via: The American Continue Reading...