Bases Quote by Milton Friedman
“Doing good with other people's money has two basic flaws. In the first place, you never spend anybody else's money as carefully as you spend your own. So a large fraction of that money is inevitably wasted. In the second place, and equally important, you cannot do good with other people's money unless you first get the money away from them. So that force - sending a policeman to take the money from somebody's pocket - is fundamentally at the basis of the philosophy of the welfare state.”
About This Quote
Source Book: Capitalism and Freedom, 1962
Using others' money for good leads to careless spending and coercive redistribution, undermining personal responsibility.
In simple terms: Spending others' money carelessly and forcing it away is flawed.
Key Takeaway
Avoid relying on others' resources for altruism.
Themes
economics
politics
ethics
public policy
personal responsibility
Mood
critical
analytical
skeptical
Type
philosophical
political
economic
When to use this quote
- budgeting
- charitable projects
- public spending
- policy design
- personal finance
Key Concepts
welfare state
resource allocation
incentives
government intervention
Questions to Reflect On
- How can we ensure responsible use of shared resources?
- When is collective funding justified?
A Different Perspective
The argument may overlook cases where collective funding achieves outcomes individuals cannot.
