8-Friedman's-Law - FRIEDMAN'S LAW Nobel-prize-winning...

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FRIEDMAN’S LAW Nobel-prize-winning economist Milton Friedman has enunciated a social law which can be explained roughly as follows: Take a government program and write down its stated objectives. Next, write down the opposite of its stated objectives. The program will more nearly accomplish the opposite of its objectives than its objectives. Friedman’s ideas are represented in the following selection from Capitalism and Freedom, (Chicago: University of Chicago Press,1962, pp. 197-200. Which if any of the great “reforms” of past decades has achieved its objectives? Have the good intentions of the proponents of these reforms been realized?…If a balance be struck, there can be little doubt that the record is dismal. The greater part of the new ventures undertaken by government in the past few decades have failed to achieve their objectives. The United States has continued to progress; its citizens have become better fed, better clothed, better housed, and better transported; class and social distinctions have narrowed; minority groups have become less disadvantaged; popular culture has advanced by leaps and bounds. All this has been the product of the initiative and drive of individuals co-
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This note was uploaded on 08/22/2009 for the course ECON 3306 taught by Professor Grinols during the Spring '09 term at Baylor.

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8-Friedman's-Law - FRIEDMAN'S LAW Nobel-prize-winning...

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