“Economists may not know much. But we know one thing very well: how to produce surpluses and shortages. Do you want a surplus? Have the government legislate a minimum price that is above the price that would otherwise prevail…. Do you want a shortage? Have the government legislate a maximum price that is below the price that would otherwise prevail.”
– Milton and Rose Friedman, Free to Choose (New York: Harcourt Brace Jovanovich, 1979), pp. 219.
“It is a mark of how far we have gone on the road to serfdom that government allocation and rationing of oil is the automatic response to the oil crisis.”
– Milton Friedman, “Why Some Prices Should Rise,” Newsweek, November 19, 1973.
Milton Friedman is best known for Monetarism, a school of economics that effectively challenged fiscal-side Keynesianism.
“[Sen. Harry] Reid’s attacks have drawn cries of McCarthyism from around the political world, including MSNBC host Joe Scarborough and Mother Jones editor Daniel Schulman. And they’ve even created discomfort among liberal big-money donors and operatives, who worry the argument might expose them to charges of hypocrisy, while they also question the effectiveness of running against donors who won’t appear on any ballots.”
– Kenneth Vogel, “Behind Harry Reid’s War Against the Koch Brothers,” POLITICO, July 7, 2014.
It was an all-too-familiar reframe: guilt by association (and in this case guilt from false/good association). At Climate Progress, Joe Romm breathlessly reported last month that “Bjorn Lomborg Is Part of the Koch Network—and Cashing In.” In Romm’s vitriolic words:
…You know the T-shirt-wearing climate inactivist Lomborg (aka the Danish Delayer) from such recent gems as “Subsidizing renewables won’t stop global warming” and “What an increasingly wonderful world” and “The Poor Need Cheap Fossil Fuels” (seriously — or not).
“The most important benefit of population size and growth is the increase it brings to the stock of useful knowledge. Minds matter economically as much as, or more than, hands or mouths. Progress is limited largely by the availability of trained workers. The more people who enter our population by birth or immigration, the faster will be the rate of progress of our material and cultural civilization.”
Population and Progress
With respect to population growth: A dozen competent statistical studies, starting in 1967 with an analysis by Nobel prizewinner Simon Kuznets, agree that there is no negative statistical relationship between economic growth and population growth. There is strong reason to believe that more people have a positive effect in the long run.
Population growth does not lower the standard of living – all the evidence agrees.…