The
key insight of Adam Smith's Wealth of Nations is misleadingly simple:
if an exchange between two parties is voluntary, it will not take place
unless both believe they will benefit from it. Most economic fallacies
derive from the neglect of this simple insight, from the tendency to
assume that there is a fixed pie, that one party can gain only at the
expense of another.”
- Milton Friedman, born 31 July 1912.
American economist, statistician, and writer who taught at the
University of Chicago for more than three decades. He was a recipient of
the 1976 Nobel Prize in Economics, and as a leader of the Chicago
school of economics, he profoundly influenced the research agenda of the
economics profession. A survey of economists ranked him as the second
most popular economist of the twentieth century after John Maynard
Keynes, and The Economist described him as "the most influential
economist of the second half of the 20th century...possibly of all of
it."
- Milton Friedman, born 31 July 1912.
American economist, statistician, and writer who taught at the University of Chicago for more than three decades. He was a recipient of the 1976 Nobel Prize in Economics, and as a leader of the Chicago school of economics, he profoundly influenced the research agenda of the economics profession. A survey of economists ranked him as the second most popular economist of the twentieth century after John Maynard Keynes, and The Economist described him as "the most influential economist of the second half of the 20th century...possibly of all of it."
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