"If, for example, existing government intervention is minor, we shall attach a smaller weight to the negative effect of additional government intervention. This is an important reason why many earlier liberals, like Henry Simons, writing at a time when government was small by today’s standards, were willing to have government undertake activities that today’s liberals would not accept now that government has become so overgrown." | Quote by: | Milton Friedman
(1912-2006) Nobel Prize-winning economist, economic advisor to President Ronald Reagan, "ultimate guru of the free-market system" |
Source: | Capitalism and Freedom (Chicago: University of Chicago Press, 1962), p. 32. |
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