Free to Choose

"A Personal Statement" says the subtitle, but this 1979 treatise on the workings and development of economic systems by Milton and Rose Friedman, is a celebration of laissez-faire capitalism and libertarian philosophy. The Friedmans explode numerous myths about the benefits of government, unions, Ralph Nader, and environmentalism, with abundant clear examples from history.


Every society has dissatisfaction and must find someone to blame:
"In every society, however it is organized, there is always dissatisfaction with the distribution of income. ... In a command system envy and dissatisfaction are directed at the rulers. In a free market system they are directed at the market." (p 22)


The Tragedy of the Common:
"When everybody owns something, nobody owns it, and nobody has a direct interest in maintaining or improving its condition." (p 24)

Who's to blame for inflation?:
"The recogition that substantial inflation is always and everywhere a monetary phenomenon is only the beginning of an understanding of the cause and cure of inflation." (p 254)

What caused the Depression?:
"We now know, as few knew then, that the Depression was not produced by a failure of private enterprise, but rather by a failure of governmet in an area in which the government had from the first been assigned responsibility - To coin money, regulate the Value therof, and of foreign Coin, in the words of Section 8, Article 1 of the U. S. Constitution." (p 71)


Is government regulation of drugs a benefit to the public?
"..it is desirable that the public be protected from unsafe and useless drugs. However, it is also desirable that new drug development should be stimulated, and that new drugs should be made available to those who can benefit from them as soon as possible. As is so often the case, one good objective conflicts with other good objectives. Safety and caution in one direction can mean death in another. The crucial questions are whether FDA regulation has been effective... By now, considerable evidence has accumulated that indicates that FDA regulation is counterproductive, that it has done more harm by retarding progress in the production and distribution of valuable drugs than it has done good by preventing the distribution of harmful or ineffective drugs.
Put yourself in the position of an FDA official charged with approving or disapproving a new drug. You can make two very different mistakes:
1. Approve a drug that turns out to have unanticipated side effects resulting in the death or serious impairment of a sizable number of persons.
2. Refuse approval of a drug that is capable of saving many lives or relieving great distress and that has no untoward side effects.
If you make the first mistake--approve a thalidomide--your name will be spread over the front page of every newspaper. You will be in deep disgrace. If you make the second mistake, who will know it? ....is there any doubt which mistake you will be more anxious to avoid?"
...for these reasons the FDA should be abolished..."(p 205)