One of the more well-known quotes attributed to famed economist Milton Friedman suggests that real public policy reform can take place only in the context of crisis.
But that’s not what Friedman actually said in his classic 1962 text, Capitalism And Freedom. Nor did he mean that reform is impossible without a crisis.
Dr. Edward Lopez, professor of economics and BB&T distinguished professor of capitalism at Western Carolina University, placed Friedman’s comments in context during a Friedman Legacy of Freedom Lecture Friday for the John Locke Foundation and Friedman Foundation for Educational Choice.
Lopez says Friedman, who would have turned 103 years old Friday, wanted to convey the notion that strong policy ideas need to be developed to help battle the tyranny of the status quo.
Click here to watch the full 54:20 event.