Milton Friedman won the Nobel Prize in economics in 1976, just two or three months after I was privileged to spend a week with him and other prominent economists (including the earlier Nobel laureate F. A. Hayek and several later Nobel laureates such as George Stigler, with whom I went used-book shopping one afternoon) at the annual meeting of the Mont Pelerin Society in St. Andrews, Scotland. (Image from Wikimedia Commons)
“Nobody spends somebody else’s money as carefully as he spends his own. Nobody uses somebody else’s resources as carefully as he uses his own. So if you want efficiency and effectiveness, if you want knowledge to be properly utilized, you have to do it through the means of private property.”
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