Quote Of The Day

“The most reliable and effective protection for most workers is provided by the existence of many employers. As we have seen, a person who has only one possible employer has little or no protection. The employers who protect a worker are those who would like to hire him. Their demand for his services makes it in the self-interest of his own employer to pay him the full value of his work. If his own employer doesn’t, someone else may be ready to do so. Competition for his services — that is the worker’s real protection.” —Milton Friedman

16 Responses to “Quote Of The Day”

  • Does this argument fly in the face of your support of Walmart, where in many small towns, the small retail has been foreced to shut down and now Walmart is the only job in town?

    He seems to be arguing as a trust buster?

  • Wal-Mart certainly does eliminate some employment, but on the whole Wal-Mart brings in more employment and at a higher wage (small businesses pay the least) than was there before Wal-Mart.

  • If your paradigm includes the would-be employee remaining in the same smallish town, then Wal-Mart might reduce his options for employment.

    However, the long-proven paradigm for human success includes the possibility (or likelihood) of migration to wherever his services are in greatest demand.

  • What was Friedman’s opinion on monopolies and government regulation on monoplies. What other controls are their to prevent monopolies from eliminating prices?

  • In essence, the free-market position on monopolies is that the cure is worse than the disease. Good intentions do not a just outcome make; bureaucracies created to “manage” monopolies tend to persist long after their usefulness has passed, whereas monopolies eventually find themselves failing when confronted by a better mousetrap.

    (Unless, of course, the monopoly is protected by the bureaucracy created to “manage” it)

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