THE PHOENIX
FREE MARKET LOGIC
In the 1970’ s, when I was studying for an accountancy degree, we had to pass Economics 1 and Economics 2, and those two courses were my favourites, and I would have loved to have majored in economics. I pleaded with my professors to allow me to add Economics 3 to my degree, but I met a stone wall. Something like the stonewall the ANC presents to anything that sounds like economic sense
I hero worshipped Milton Friedman, who was an American economist and statistician who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilisation policy. He was a proponent of Laissez-faire capitalism, which means“ allow to do” in French. It is a type of capitalism where there is minimal government intervention in the economy. It emphasises free markets, free trade, and minimal regulation, with the idea that these factors will naturally lead to economic prosperity and social benefit. He often expressed his views through memorable quotes, many of which focus on the principles of free markets, individual freedom, and the limitations of government action.
Here are some notable quotes by Milton Friedman:
•“ There’ s no such thing as a free lunch.” This quote emphasises that everything has a cost, even when it appears free, and that individuals or governments must ultimately bear the expenses of public programmes.
•“ The government solution to a problem is usually as bad as the problem.” This quote reflects Friedman’ s scepticism about the efficacy of government intervention, suggesting that it often creates unintended negative consequences.
•“ Inflation is always and everywhere a monetary phenomenon.” Friedman believed that inflation is primarily caused by an increase in the money supply, and that it cannot be effectively managed by other means.
•“ A society that puts equality before freedom will get neither.” This quote highlights Friedman’ s belief that prioritising equality over freedom can undermine both, and that a society that prioritises freedom will be more likely to achieve both equality and freedom.
•“ Underlying most arguments against the free market is a lack of belief in freedom itself.” This quote suggests that many criticisms of free markets are rooted in a lack of faith in individual liberty and the ability of individuals to make informed decisions.
•“ There is nothing as permanent as a temporary government programme.” This quote expresses Friedman’ s concern that temporary government programmes often become permanent, leading to overregulation and a loss of individual freedom.
•“ He moves fastest who moves alone.” This quote emphasises the importance of individual initiative and the power of individuals to achieve their goals without government intervention.
•“ We have a system that increasingly taxes work and subsidises non work.” This quote critiques the current tax system, suggesting that it disincentives work and encourages dependence on government assistance.
•“ Woke capitalism undermines a free society.” This quote reflects Friedman’ s concern that“ woke” movements in capitalism can lead to a loss of freedom and a weakening of the free market system.
I sent these quotes to 10 ANC ministers, and asked them their thoughts on the benefits of a laissez faire philosophy, and not one knew what I was talking about. One even asked if I was talking about a La-Z-Boy chair. www. abrbuzz. co. za 01 JUNE 2025