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The price that the market sets on the services of our resources is similarly affected by a bewildering mixture of chance and choice. Frank Sinatra’s … - Milton Friedman
" "The price that the market sets on the services of our resources is similarly affected by a bewildering mixture of chance and choice. Frank Sinatra’s voice was highly valued in twentieth-century United States. Would it have been highly valued in twentieth-century India, if he had happened to be born and to live there? Skill as a hunter and trapper had a high value in eighteenth- and nineteenth-century America, a much lower value in twentieth-century America. Skill as a baseball player brought much higher returns than skill as a basketball player in the 1920s; the reverse is true in the 1970s. These are all matters involving chance and choice — in these examples, mostly the choices made by consumers of services that determine the relative market prices of different items.
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About Milton Friedman
Milton Friedman (31 July 1912 – 16 November 2006) was an American economist noted for his support for free markets and a reduction in the size of government. In 1976 he was awarded a Nobel Prize in Economics.
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Also Known As
Alternative Names:
Milton Galbraith Friedman
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Additional quotes by Milton Friedman
Given that members of strong unions are highly paid, the obvious question is: are they highly paid because their unions are strong, or are their unions strong because they are highly paid? Defenders of the unions claim that the high pay of their members is a tribute to the strength of union organization, and that if only all workers were members of unions, all workers would be highly paid. The situation is, however, much more complex. Unions of highly skilled workers have unquestionably been able to raise the wages of their members; however, people who would in any event be highly paid are in a favorable position to form strong unions. Moreover, the ability of unions to raise the wages of some workers does not mean that universal unionism could raise the wages of all workers. On the contrary, and this is a fundamental source of misunderstanding, the gains that strong unions win for their members are primarily at the expense of other workers.
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