Tuesday, July 31, 2012

Happy Birthday Milton Friedman


Today is Milton Friedman's birthday. Here is one of my favorite vignettes.

At one of our dinners, Milton recalled traveling to an Asian country in the 1960s and visiting a worksite where a new canal was being built. He was shocked to see that, instead of modern tractors and earth movers, the workers had shovels. He asked why there were so few machines. The government bureaucrat explained: "You don't understand. This is a jobs program." To which Milton replied: "Oh, I thought you were trying to build a canal. If it's jobs you want, then you should give these workers spoons, not shovels."


1 comment:

  1. So, a minor economist with a completely discredited philosophy makes a joke about what was then a 2second-world country. The lack of practical, as opposed to ideological, solutions on the part of the radical right wing is appalling, mindless and damaging to the country.