Friday, October 10, 2008

Freedom and the Market

These are too excellent and relevant not to pass on.

From Milton Friedman (1912-2006) Nobel Prize-winning economist, economic advisor to President Ronald Reagan

"Underlying most arguments against the free market is a lack of belief in freedom itself."

"I am myself persuaded, on the basis of extensive study of the historical evidence, that... the severity of each of the contractions - 1920-21, 1929-33, and 1937-38 - is directly attributable to acts of commission and omission by the Reserve authorities and would not have occurred under earlier monetary and banking arrangements.''
--from Capitalism and Freedom

"The power to determine the quantity of money...is too important, too pervasive, to be exercised by a few people, however public-spirited, if there is any feasible alternative. There is no need for such arbitrary power...Any system which gives so much power and so much discretion to a few men, [so] that mistakes - excusable or not - can have such far reaching effects, is a bad system. It is a bad system to believers in freedom just because it gives a few men such power without any effective check by the body politic - this is the key political argument against an independent central bank.''

(Hat tip to Liberty Quotes)


And from Yaron Brook in a press release from the Ayn Rand Center for Individual Rights:

The cycle starts with government intervening into the economy and imposing regulations and controls on business. This distorts the free market, leading to economic dislocations. When the problems caused by these distortions inevitably follow, everyone blames the free market and its greedy capitalists. The proposed solution? More government controls. Over the years, conservative critics of creeping government have repeatedly exposed this illogic but have always been helpless to explain why the cycle keeps repeating, decade after decade.

4 comments:

Sue said...

Hey I was going to use the Friedman quotes on my blog! You beat me to it.

I suppose I can still do it. :)

Darin said...

Hello,

I must admit a bit of envy toward your blogs. I love them, and keep them coming. I am making an attempt to post ideas like you, but you are seriously putting me to shame :-) ..... although school is keeping my busy. Any way, if you would like, check out my "sophmoric" attempts

economicsfreedommatters.blogspot.com.

Beth said...

Sue: Of course you can use those quotes. The more the merrier!

Darin: Thanks for the kind comment and for the invitation to check out your blog. It's a great start! (I'm now set up to "follow" it.) Keep it up.
I am curious how you came across this blog. Love to hear how.
Beth

Darin said...

Hi Beth,

Sure. I found your link here.

http://www.georgereisman.com/blog/