Niall Ferguson: 'Milton Friedman's legacy for free-market thinkers'

Published: Tuesday, Aug. 21 2012 12:00 a.m. MDT

Our take: In light of the economic pitfalls of the last decade, the ideas and economic theories of Milton Friedman and his position on deregulation have been questioned and called to be fallible. Niall Ferguson, in this address, defends Friedman's theories and explains how these ideas have proven to usually be right.

Milton had this wonderful mage which I repeat all the time and this is what he said:

"You've got a boat, and it has a hole in the front and it's starting to sink and somebody says 'what are we going to do to level the boat?'

Milton says, if you're a socialist you'll bash a hole in the back of the boat.

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