Words Worth Noting - May 17, 2023

“We have been driven into a widespread system of arbitrary and tyrannical control over our economic life not because ‘economic laws are not working the way they used to,’ not because the classical medicine cannot, if properly applied, halt inflation, but because the public at large has been led to expect standards of performance that as economists we do not know how to achieve.”

Milton Friedman’s 1971 address to American Economic Association quoted in Leonard Silk The Economists