A Short But Impactful Story...
The story happened while Milton Friedman was traveling aboard. (If you don’t know who Milton Friedman was, Google Him!)
After being picked up from the airport, he was being driven to the venue where he was to make his presentation. A government official was accompanying him.
Milton took note that at a construction site workers were furiously digging with shovels.
Since power digging equipment had long ago been invented, he asked the government official, why they were not using modern heavy digging equipment.
The answer he received was that shovels were used to keep employment high in the construction industry. If they used modern equipment, fewer people would have jobs.
Dr. Friedman replied, “Why don’t you give them spoons and create even more jobs?”
Would Milton kid u?
Smartfella
3 comments:
We could sure use his wisdom today. He had the ability to take an argument and push it to the extreme to show its fallacy. Quite often I review his numerous Youtube videos to clarify my economic thoughts.
My first Comment was "What?" but that required a second comment to clarify the "What?"...
Sorry for being too obtuse. I meant "now I am really confused." I always enjoy your "explanations" but this one was really great. Thanks for your efforts to enlighten me!
I think the Chineses used this policy in making dams, roadways and airfields. As a matter of fact, 1000 red Chicoms around a big blanket attempted to launch their first man into space.
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