Skip to content

Soul of Atlas: Milton Friedman on Self-Interest and Profit Motive in 1978

December 15, 2011

Milton Friedman

Source: This piece was originally posted at FRS FreeState Now: Soul of Atlas: Milton Friedman on Self-Interest and Profit Motive in 1978

The reason for capitalism or in America the reason for American capitalism, is that in an economy like that, its assumed that the people can make it on their own if given the opportunity. That there’s a limit to what government can do and should do. The whole point of constitutional law and limited government and federalism. That government doesn’t do everything right and when it tries to do too much, like taking so much out of the economy to take care of its people, doing things for the people that they can do for themselves. Like run a business, make their own health care decisions, plan for their retirement, decide where to send their kids to school, etc. And you can go down the line.

That if you give the Federal Government all that responsibility to go along with defending the country and other areas and then you add things like trying to run the lives of people, that you would get in a Marxist-Socialist system like in North Korea. That government will be too expensive and inefficient. Trying to make the decisions for people it doesn’t know. But if you give the people the power to make these decisions for themselves, they’ll be able to make much better choices for themselves, because they know who they are and what they need. Which is what we’ve been in America for 235 years now in this liberal democracy. And that you need profit motive in a liberal democracy. Perhaps not in every area of the economy, but in most sectors, so people have incentive to succeed to be as productive as they possibly can, to be as successful as they can.

You have profit motive in a liberal democracy so people know they can be as successful as they can based on their education, qualifications and production and you have a safety net. Not there to take care of people, but to help then when they fall down to get themselves up. So they know they’ll have to take care of themselves, because government won’t be there indefinitely to take care of them. Just to help them in their need. Which is different from government taking care of people. Which assumes that people in need having nothing to worry about, because government will always be there to take care of them.

But with a safety net you only have that there for people who are in need to help them sustain themselves in their time of need, but also help them get back on their feet. Take profit motive out of the economy, what do we have instead, you want government controlling everything with everyone dependent on government to take care of us? Do you want to make government an absolute power with no one to answer to like they have in North Korea? Or do you want a system where everyone has an opportunity to be as successful as possible based on what they put into the country.

I prefer the last approach and history proves that works better. It’s the old Jack Kennedy line, “not ask what your country can do for you, but what you can do for your country”. Which is why we need what’s been called a world-class education system where everyone in the country has an opportunity to be successful in life. That’s how we win the so-called War on Poverty. By moving people out of poverty into the middle class and to become self-sufficient. Not by having them dependent on government their whole lives. And not allowing for their kids to be dependent on government their whole lives. Living on people who take care of themselves and are productive.

Advertisements
No comments yet

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

American / Unionist

Evenhanded insight on political, cultural and scientific affairs

Action Plus

Sexy People in Action

Voluntary Virtues Network

An online show network dedicated towards advancing the message of Liberty!

The Liberty Underground

Fighting for the rights of the individual and refuting the claims of the collective

The Daily Review Plus

The Lighter Side of Life

Thoughts on Liberty

an online magazine by libertarian women

FairTaxer

We are not affiliated with or supported by Americans for FairTaxation (AFFT) - FairTax.org

The Liberty Beacon

Bringing Alternative Media Sources Together™

The New Democrat Plus

Current Affairs, News, Politics, Philosophy, History, Sports, Satire, Entertainment and Everyday Life From a Liberal-Democratic Perspective

Cpl Kerkman Reference Guide

A collection of philosophical writings and awesome poems written with my Marines in Mind.

Christopher Cantwell

Radical Agenda

SocialKin.WordPress.com

SocialHumanRace.WordPress.Com/TheSocialCentre.WordPress.Com site!

Peer 2 Peace

Because Sharing Is Caring

chicanogets113years

A great WordPress.com site

A11 Football League

A11 Football League 2014

Britt's Bird Watch

Inside the Baltimore Orioles clubhouse with beat reporter Brittany Ghiroli.

At the Races

Roll Call's Politics Blog

Joe Jarvis

Freedom, Philosophy, and the Future.

ProHockeyTalk

ProHockeyTalk on NBCSports.com

FRS FreeState Now Plus

Current Affairs, News, Politics, History, Satire, Sports, Entertainment, Life From a Liberal Democratic Perspective

FRS Real Life Journal Plus

Life, Sports, Entertainment, Satire and TV History

Beck's Blog

Tracking the Tigers with MLB.com beat writer Jason Beck.

ProFootballTalk

ProFootballTalk on NBCSports.com

MLB.com Blogs Central

Welcome to the MLB.com community blog! See other people's designs, post comments & questions, get tips and see if you made the Latest Leaders at the big-league home for baseball bloggers!

Curly W Live

The official blog of the Washington Nationals. Contact us at curlyw@nationals.com

HTTR4LIFE.com

Washington Redskins News and Analysis

HardballTalk

Baseball. Baseball. And then a bit more baseball.

The NFL Fieldhouse

All about the NFL . . . and sometimes some other stuff too

Table For Two UMBC (TFT-UMBC)<-Serch this!

Hunger, Obesity, School lunch

Conservative Libertarian Outpost

DEO VINDICE MOLAN LABE!

The Patriot Perspective

Helping to Conserve American Libertarian Values and Reestablish Common Sense in Government Since March 2009

District Sports

The freshest Redskins and Nationals gear around.

The Liberty Beacon

Bringing Alternative Media Sources Together™

concerned american

Just another WordPress.com site

FRS Daily Post Plus

Life, Sports, Entertainment, Satire and TV History

FRS Daily Times Plus

Current Affairs, News, Politics, Satire, History, Life, Sports and Entertainment From a Liberal-Democratic Perspective

FRS Daily Press Plus

Life, Sports, Entertainment, Satire, TV History

FRS Daily Journal Plus

Life, Sports, Entertainment, Satire and History

FRS FreeStates Plus

Current Affairs, News, Politics, Satire, Sports, Entertainment and Life From a LiberalDemocratic Perspective

FreeState Plus WordPress Blog

Current Affairs, News, Politics, Satire, Sports and Entertainment From a Liberal Democratic Perspective

FRS FreeState Plus

Current Affairs, News, Politics, History, Satire, Sports and Entertainment From a Liberal-Democratic Perspective

The WordPress.com Blog

The latest news on WordPress.com and the WordPress community.

%d bloggers like this: