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Free to Choose

Free to Choose#

  • free to make your own decisions
  • live your own life
  • without the government breathing down your neck

The more the government intervened the worse it did.

society putting equality before freedom ends up with neither.

human freedom cannot exist without economic freedom

The Power of the Market#

Places have better opportunity.

Free to work the hours you want

If they fail they bear the cost - if they win they get the benefit

Not achieved by telling people what to do - achieved by allowing the market to work.

the market tells producers what to produce and how to produce it - with the prices they can charge and the prices of labour and materials

voluntary transaction - both parties must expect to benefit or it will not take place

Adam Smith - university of glasgow

by buying something - you trade a few minuets of your time to the seconds of time from thousands and millions of others

the magic of prices competition for their labour and skills

Hong Kong - too reliant on foreign trade that it put tarrifs on imports. Absense of tariffs is the main reason Hong Kong has increased standard of life. Laws and contracts are enforced.

voluntary co-operation

language - was not designed by government

there is no such thing as a well-regulated economy

constitutional democracy is the least bad

government roles:

  1. Protect citizens from physical violence and coersion
  2. Defining rules (private property)
  3. Adjudicating disputes

The Tyranny of control#

There is no unfair competition. There is only quality and price.

Complaining about unfair competition is really a cry for special privileges

Central control, protection of local industries and subsidies is really a burden and a tax that all citizens of a country pay.