For one thing, there are many "inventions" that are not patentable. The "inventor" of the supermarket, for example, conferred great benefits on his fellowmen for which he could not charge them. Insofar as the same kind of ability is required for the one kind of invention as for the other, the existence of patents tends to divert activity to patentable inventions.
Milton FriedmanI say thank God for government waste. If government is doing bad things, it's only the waste that prevents the harm from being greater.
Milton FriedmanThere is likely to be a lag between the need for action and government ["an individual's" or "a team's"] recognition of the need; a further lag between recognition of the need for action and the taking of action; and a still further lag between the action and its effects
Milton FriedmanI would say that in this world, the greatest source of inequality has been special privileges granted by government.
Milton FriedmanJapan has introduced fiscal stimulus five times in the past seven or eight years and each time it's been a failure and that's not a surprise. Fiscal stimulus is not stimulating in and of itself.
Milton Friedman