For those who believe in the power of free markets and individual choice to guide society toward ultimate prosperity, a milestone event is quickly approaching. Friedman Day 2012 is on July 31st, and this one is going to be bigger than ever – because that day will be Milton Friedman’s 100th birthday.
The Bluegrass Institute will host this historic event at the University of Louisville following last year’s sold-out success. This year the Institute is going to pull out all the stops to honor not just Milton Friedman, the man – but more importantly, the ideas of Milton Friedman that have enabled the free world to enjoy the kind of prosperity previous generations never could have dreamed of.
So Mr. Friedman, why are free markets such a miracle?
“The free market enables people to go into any industry that they want; to trade with whomever they want; to buy in the cheapest market around the world; to sell in the dearest around the world. But most important of all, if they fail, they bear the cost. If they succeed, they get the benefit and it’s that atmosphere of incentive that has induced them to work, to adjust, to save, to produce a miracle. This miracle hasn’t been achieved by government action – by someone sitting in one of those tall buildings and telling people what to do. It’s been achieved by allowing the market to work.”