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Free market economics and capitalism
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"The free market is the only mechanism that has ever been discovered for achieving participatory democracy."
menu_book Capitalism and Freedom
View Full QuoteView Full Quote"That's an interesting paradox to think about. Make it legal and it's no good. Why? Because as long as it's illegal the people who come in do not qualify for welfare, they don't qualify for social security, they don't qualify for the other myriad of benefits that we pour out from our left pocket to our right pocket. So long as they don't qualify they migrate to jobs. They take jobs that most residents of this country are unwilling to take. They provide employers with the kind of workers that they cannot get. They're hard workers, they're good workers, and they are clearly better off."
View Full Quote"There are four ways in which you can spend money. You can spend your own money on yourself. When you do that, why then you really watch out what you're doing, and you try to get the most for your money. Then you can spend your own money on somebody else. For example, I buy a birthday present for someone. Well, then I'm not so careful about the content of the present, but I'm very careful about the cost. Then, I can spend somebody else's money on myself. And if I spend somebody else's money on myself, then I'm sure going to have a good lunch! Finally, I can spend somebody else's money on somebody else. And if I spend somebody else's money on somebody else, I'm not concerned about how much it is, and I'm not concerned about what I get. And that's government."
auto_stories Books
Basic Economics: A Common Sense Guide to the Economy
event 2000
Comprehensive introduction to economic principles written for the general public, explaining how markets work and the effects of various economic p...
Read MoreCapitalism and Freedom
event 1962
A seminal work arguing that economic freedom is a prerequisite for political freedom, exploring the role of capitalism in a free society
Read MoreEconomics in One Lesson
event 1946
Classic introduction to economic thinking, demonstrating that good economics considers both the immediate effects and the longer-term effects on al...
Read MoreI, Pencil: My Family Tree as Told to Leonard E. Read
event 1958
A classic essay illustrating the concept of spontaneous order through the story of a pencil's creation, demonstrating how no single person possesse...
Read MoreAn Inquiry into the Nature and Causes of the Wealth of Nations
event 1776
Foundational work of modern economics examining the mechanisms of free markets, division of labor, and the role of self-interest in creating prospe...
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psychology Concepts
Four Ways to Spend Money
Milton Friedman's framework describing four ways money can be spent, each with different incentives for economy and care about results: (1) Spendin...
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