Many people want the government to protect the consumer. A much more urgent problem is to protect the consumer from the government.
Interpretation
The quote emphasizes the importance of individual protection from government interference rather than relying solely on governmental oversight for consumer safety.
Milton Friedman highlights a critical perspective on the relationship between consumers and government. While many believe that consumers need protection from corporations through government regulation, Friedman argues that the greater concern is the potential for government itself to harm consumers through overreach and excessive regulation. This viewpoint suggests that consumer freedom and autonomy should be prioritized over governmental control, encouraging a discussion about the balance of power between individuals and the state.
In practice
In a discussion about government regulations during a town hall meeting.
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.
While Newton seemed to draw off the veil from some of the mysteries of nature, he showed at the same time the imperfections of the mechanical philosophy; and thereby restored her ultimate secrets to that obscurity, in which they ever did and ever will remain.
(on A History of Western Philosophy) I was sometimes accused by reviewers of writing not a true history but a biased account of the events that I arbitrarily chose to write of. But to my mind, a man without a bias cannot write interesting history - if, indeed, such man exists.
We look for the Secret - the Philosopher's Stone, the Elixir of the Wise, Supreme Enlightenment, 'God' or whatever...and all the time it is carrying us about...It is the human nervous system itself.
I am accustomed to sleep and in my dreams to imagine the same things that lunatics imagine when awake.
When you see in places like Africa and parts of Asia abject poverty, hungry children and malnutrition around you, and you look at yourself as being people who have well being and comforts, I think it takes a very insensitive, tough person not to feel they need to do something.
His older self had taught his younger self a language which the older self knew because the younger self, after being taught, grew up to be the older self and was, therefore, capable of teaching.
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