Saturday, April 23, 2011

Milton Friedman


I am a big fan of Milton Friedman. I find his writings in economics to be pure genius! Kenya could definitely borrow a leaf or two from this man.
Today I was reading about our compositions---whether we are a product of chance or a product of choice.
Here is what Friedman has to say about it:

Product of chance and choice

“The amount of each kind of resource each of us owns is partly the result of chance, partly of choice by ourselves or others. Chance determines our genes and through them affects our physical and mental capacities. Chances determines the kind of family and cultural environment into which we are born and as a result our opportunities to develop our physical and mental capacity. Chance determines also other resources we may inherit from our parents or other benefactors. Chance may destroy or enhance the resources we start with. But choice also plays an important role. Our decisions about how to use our resources, whether to work hard or take it easy, to enter one occupation or another, to engage in one venture or another, to save or spend – these may determine whether we dissipate our resources or improve and add to them. Similar decisions by our parents, by other benefactors, by millions of people who may have no direct connection with us will affect our inheritance.” Friedman