Two Great Passages from Free to Choose
By David Henderson
There are so many pithy passages in both books. Here are two from Free to Choose that I particularly like:
The Tight Connection Between Incentives, Information, and Outcomes
However we might wish it otherwise, it simply is not possible to use prices to transmit information and provide an incentive to act on that information without using prices also to affect, even if not completely determine, the distribution of income. If what a person gets does not depend on the price he receives for the services of his resources, what incentive does he have to seek out information on prices or to act on the basis of that information?
–Free to Choose, p. 23
On the Effects of Economic Growth on the Difficulty of Work
You can travel from one end of the industrialized world to the other and almost the only people you will find engaging in backbreaking toil are people who are doing it for sport.
–Free to Choose, p. 148