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Posted by on Aug 1, 2013 in Economy, Featured, Politics | 1 comment

Milton Friedman: Father of the Tea Party?

Milton Friedman: Father of the Tea Party?

Libertarian populists love markets. One of their favorite proposals is privatization: If there is a problem, they look to markets to solve it. Milton Friedman wrote, “The most important single central fact about a free market is that no exchange takes place unless both parties benefit.” The statement fails to take into account that parties can only perceive potential benefits and, in the case of poor workers, may be unable to find the optimal market exchange. But there is a deeper problem.

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