If you wanted the best economic outcome for Michigan, wouldn't he get your vote?
Today’s economists aren’t.
I mean they aren’t around anymore. Not since November 2006 anyhow. That was when Milton Friedman took his last breath.
No one understood markets based on how people respond to incentive like Milton Friedman. While sympathetic to our desire to do good for others, he recognized the nature of how we prioritize (en mass) when making spending decisions.
The first time I heard the “four ways to spend money” was not Friedman however. It was during a presentation on health care options for Michigan by Pat Colbeck. He wasn’t a candidate for Governor at that time, but he was clearly advocating a sensible approach on how we pay for our health care needs. Part of it is returning the incentive to those who will watch more closely how well the money is spent to achieve the best results and at lowest cost.
A recent newsletter from the Mackinac center reminded me of this, which is the way Colbeck had put it a year and a half ago.
There only four ways to spend money.
(10)Nuh Uh.
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