When government - in pursuit of good intentions - tries to rearrange the economy, legislate morality, or help special interests, the cost come in inefficiency, lack of motivation, and loss of freedom. Government should be a referee, not an active player.
Interpretation
The quote warns against government intervention in the economy, suggesting it leads to negative consequences.
Milton Friedman emphasizes the dangers of government overreach in economic matters. He argues that while governments may have good intentions, their attempts to control or influence the economy result in inefficiencies, decrease motivation among individuals, and encroach on personal freedoms. Instead, he advocates for a limited government role that allows for free-market mechanics to operate without interference.
In practice
During a speech about economic policy, one might cite Friedman to argue for limited government intervention.
The economic miracle that has been the United States was not produced by socialized enterprises, by government-unon-industry cartels or by centralized economic planning. It was produced by private enterprises in a profit-and-loss system. And losses were at least as important in weeding out failures, as profits in fostering successes. Let government succor failures, and we shall be headed for stagnation and decline.
Universities exist to transmit knowledge and understanding of ideas and values to students not to provide entertainment for spectators or employment for athletes.
There is no place for government to prohibit consumers from buying products the effect of which will be to harm themselves.
There is one and only one social responsibility of business - to use it resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud.
The great danger to the consumer is the monopoly -whether private or governmental. His most effective protection is free competition at home and free trade throughout the world. The consumer is protected from being exploited by one seller by the existence of another seller from whom he can buy and who is eager to sell to him. Alternative sources of supply protect the consumer far more effectively than all the Ralph Naders of the world.
The strongest argument for free enterprise is that it prevents anybody from having too much power. Whether that person is a government official, a trade union official, or a business executive. If forces them to put up or shut up. They either have to deliver the goods, produce something that people are willing to pay for, are willing to buy, or else they have to go into a different business.
Virginity is now a mere preamble or waiting room to be got out of as soon as possible; it is without significance. Old age is similarly a waiting room, where you go after life's over and wait for cancer or a stroke. The years before and after the menstrual years are vestigial: the only meaningful condition left to women is that of fruitfulness.
We are fascinated by the darkness in ourselves, we are fascinated by the shadow, we are fascinated by the bogeyman.
Many people feel "guilty" about things they shouldn't feel guilty about, in order to shut out feelings of guilt about things they should feel guilty about.
On the one hand, faith is a profoundly personal contact with God, which touches me in my innermost being and places me in front of the living God in absolute immediacy in such a way that I can speak with Him, love Him, and enter into communion with Him.
The greatest human attainment in all the world is for a life to be so surrendered to Him that the name of God Almighty will be glorified through that life.
Having therefore no foreign establishments, either colonial or military, the ships of war of the United States, in war, will be like land birds, unable to fly far from their own shores. To provide resting places for them, where they can coal and repair, would be one of the first duties of a government proposing to itself the development of the power of the nation at sea.
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