Saturday, November 18, 2006

With the sadness that comes with the passing of Milton Friedman comes pleasure at reading tributes to him from those who knew him and from reading articles written by the great man himself.

It's unfair to excerpt from the second article since it is already an abridgment of longer works by Friedman. Still, this excerpt is among my favorites:

"The company town has been revived in one major area: medical care. It is taken for granted that workers should receive their pay partly in kind, in the form of medical care provided by the employer. How come? Why single out medical care? Surely food is no less essential to life than medical care. Why is it not at least as logical for workers to be required to buy their food at the company store as to be required to buy their medical care at the company store?"

--from "Pricing Health Care: The Folly of Buying Health Care at the Company Store," Feb. 13, 1993