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The New-Old Threat to Economic Freedom

With politicians proposing policies that would vastly expand the size of the government and its involvement in the economy, it is clear that too many Americans have forgotten the lessons of the twentieth century. As Friedrich Hayek and Milton Friedman pointed out long ago, deviating from market principles is a recipe for disaster.

STANFORD – In our new book, Choose Economic Freedom, George P. Shultz and I point to clear historical evidence – and words of wisdom from Nobel laureate economist Milton Friedman – to show why good economics leads to good policy and good outcomes, while bad economics leads to bad policy and bad outcomes. But we also recognize that achieving economic freedom is difficult: one always must watch for new obstacles.