He claims the fourth way (spending somebody else’s money on somebody else) is how the government works, and thus it’s wasteful, but what he fails to fucking account for is with how large most corporations are that the fourth way of spending money is effectively how corporations work, too. Some bean counter in accounting and some finance guys and a variety of middle managers are all spending somebody else’s money (the company’s money) on someone else (the whims of the CEO and the board).
He holds this example up as showing how government spending is always bad and inefficient and how corporate spending isn’t, but he’s a dumbfuck, they’re actually the same.
Side note, Milton Friedman wasn’t just an evil fuck, he was also in many ways kind of dumb as shit.
His “four ways of spending money” is a prime example.
He claims the fourth way (spending somebody else’s money on somebody else) is how the government works, and thus it’s wasteful, but what he fails to fucking account for is with how large most corporations are that the fourth way of spending money is effectively how corporations work, too. Some bean counter in accounting and some finance guys and a variety of middle managers are all spending somebody else’s money (the company’s money) on someone else (the whims of the CEO and the board).
He holds this example up as showing how government spending is always bad and inefficient and how corporate spending isn’t, but he’s a dumbfuck, they’re actually the same.