Thursday, February 2, 2012

Milton Friedman - Four Ways to Spend Money


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Here is a Milton Friedman valuable insight. Four ways to spend money:

1. Spend your own money for yourself
2. Spend your money for sombody else
3. Spend somebody else's money for yourself
4. Spend somebody else's money for somebody else

Of all these, what our government is very good at is the fourth way.

Anyway, let's begin with the first item. When you spend your own money for yourself, the tendency would be, which is true all the time, you want to have the best services and goods in