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The “something” that connects the two transactions is called money, and it has taken innumerable physical forms — from stones to feathers to tobacco … - Milton Friedman
" "The “something” that connects the two transactions is called money, and it has taken innumerable physical forms — from stones to feathers to tobacco to shells to copper, silver, and gold to pieces of paper and entries in ledger books. Who knows what will be the future incarnations of money? Computer bytes?
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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.
Biography information from Wikiquote
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Alternative Names:
Milton Galbraith Friedman
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Additional quotes by Milton Friedman
unfairness can take many forms. It can take the form of the inheritance of property — bonds and stocks, houses, factories; it can also take the form of the inheritance of talent — musical ability, strength, mathematical genius. The inheritance of property can be interfered with more readily than the inheritance of talent. But from an ethical point of view, is there any difference between the two? Yet many people resent the inheritance of property but not the inheritance of talent. Look at the same issue from the point of view of the parent. If you want to assure your child a higher income in life, you can do so in various ways. You can buy him (or her) an education that will equip him to pursue an occupation yielding a high income; or you can set him up in a business that will yield a higher income than he could earn as a salaried employee; or you can leave him property, the income from which will enable him to live better. Is there any ethical difference among these three ways of using your property? Or again, if the state leaves you any money to spend over and above taxes, should the state permit you to spend it on riotous living but not to leave it to your children?
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"I have been enormously impressed by the role that pure chance plays in determining our life history. I was reminded of some famous lines of Robert Frost:
Two roads diverged in a yellow wood,
And sorry I could not travel both
I took the one less travled by,
And that has made all the difference.
As I recalled my own experience and development, I was impressed by the series of lucky accidents that determined the road I traveled.
> From "Lives of the Laureates" pg.67"
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