Milton Friedman: Politically Profit
on Saturday, January 20, 2024Meaning of Milton Friedman Money Quote: saying that we have both wrong people involved with issues they shouldn’t be involved in and the right people who should. Milton Friedman said:
“I do not believe that the solution to our problem is simply to elect the right people. The important thing is to establish a political climate of opinion which will make it politically profitable for the wrong people to do the right thing. Unless it is politically profitable for the wrong people to do the right thing, the right people will not do the right thing either, or it they try, they will shortly be out of office” — Milton Friedman
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Milton Friedman is arguing that simply electing leaders who have good intentions is not enough on its own to solve policy problems. He believes the most important thing is to shape broader public opinion in a way that creates political incentives for any leader, even those who may hold different views, to still make decisions that lead to good outcomes.
Unless the political environment rewards leaders for doing what is right over what is expedient, even well-meaning politicians will not be able to effectively implement the right solutions or policies.
His view is that public support for certain policies needs to be strong enough that it becomes in the self-interest of all elected officials to pursue those solutions, regardless of their own ideological leanings, in order to remain in power.
Birthday: July 31, 1912 Death: November 16, 2006