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Quotation of the Day…

Posted By Don Boudreaux On July 25, 2012 @ 7:10 am In Complexity & Emergence,Prices,Property Rights | Comments Disabled

… is from page 307 of Milton Friedman [1]‘s 1953 collection, Essays in Positive Economics [2]; specifically, it’s from his brilliant review – entitled “Lerner on the Economics of Control,” and first published in the October 1947 issue of the Journal of Political Economy – of Abba Lerner’s The Economics of Control:

Under private enterprise profits are not only an incentive but also a criterion of performance and determine the entrepreneur’s ability to get command over resources.  They cannot serve these other functions in the collectivist sector….

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[1] Milton Friedman: http://www.econlib.org/library/Enc/bios/Friedman.html

[2] Essays in Positive Economics: http://www.amazon.com/Essays-Positive-Economics-Phoenix-Books/dp/0226264033/ref=sr_1_14?s=books&ie=UTF8&qid=1343214574&sr=1-14

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