A Quote by Abhijit Banerjee
Even Milton Friedman - doyen of radical free market thought - was willing to consider some government intervention into primary education on the grounds that it is unfair for children to not get a chance in life because they were born to poor parents.
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I was more than anything a radical. I was more sympathetic to Malcolm X than Martin Luther King because Malcolm X was more of a radical who was willing to confront discrimination in ways that I thought it should be confronted, including perhaps the use of violence. But I really just wanted to be left alone. I thought some laws, like minimum-wage laws, helped poor people and poor black people and protected workers from exploitation. I thought they were a good thing until I was pressed by professors to look at the evidence.
Today we see how utterly mistaken was the Milton Friedman notion that a market system can regulate itself... Everyone understands now, on the contrary, that there can be no solution without government.
I took the obligatory economics classes in school, but I've long been a fan of the Milton Friedman philosophy and its libertarian bent: One must be free to do what one wants to do, as long as you don't harm another. This is the seminal treatise on free-market economics.
Let's face a historical truth: we have never had a "free market", we have always had government intervention in the economy, and indeed that intervention has been welcomed by the captains of finance and industry. They had no quarrel with "big government" when it served their needs.
You are what you are because your parents made love at that exact moment, and if they made love one second after you would be different. The fact that you were born means that there are no other children born because of you - you've killed them in a way. Is it destiny? Was it written somewhere that this was to be your life? Is it useful that you are here? Or is it simply by chance?
If, for example, existing government intervention is minor, we shall attach a smaller weight to the negative effect of additional government intervention. This is an important reason why many earlier liberals, like Henry Simons, writing at a time when government was small by today's standards, were willing to have government undertake activities that today's liberals would not accept now that government has become so overgrown.
Milton Friedman. Friedman had a solid MV = PQ doctrine from which he deviated very little all his life. By the way, he's about as smart a guy as you'll meet. He's as persuasive as you hope not to meet.
Both of my parents were born into poor families on the island of Cuba. They came to America because it was the only place where people like them could have a chance.
We know that in our free market economy some will prosper more than others. What we don't accept is the idea that some folks won't even get a chance.
There are even some radical leftists who look at it as that but then go further and say, "Because we have been so exclusionary and because it's been so unfair that America has been so rich, it's so unfair that America has been this one place in the world, it's not because of us, and we deserve to pay a price."
All the evils, abuses, and iniquities, popularly ascribed to businessmen and to capitalism, were not caused by an unregulated economy or by a free market, but by government intervention into the economy.
With the passing of Milton Friedman on November 16, 2006, we lost one of the great champions of free markets.
I was born in 1940 in Hathazari, Chittagong, which is now part of Bangladesh. Education was always important to my parents, and with what little we had, they were able to provide an education for their children.
The myth of the inevitability of economic globalization is based largely on the work of Milton Friedman, and easily the most underreported story of our time is that the current economy proves Friedman flatly wrong.
Marriage is under attack from so many different areas. There should be benefits associated with married people. Life is unfair. Maybe you won't find the right person and you won't end up getting married. Oh, well, life is unfair. But married people, because of their capacity to have children, even if they're not going to end up having children, even if they're unable to bear children, marriage is an institution that is absolutely central to civilization.
Tests account for only a couple of hours within the six years of a child's primary education, but parents expect to know how their children are doing and the government has a responsibility to monitor and control standards.
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