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four ways in which you can spend money

Milton Friedman


"There are four ways in which you can spend money. You can spend your own money on yourself. When you do that, why then you really watch out what youíre doing, and you try to get the most for your money. Then you can spend your own money on somebody else. For example, I buy a birthday present for someone. Well, then Iím not so careful about the content of the present, but Iím very careful about the cost. Then, I can spend somebody elseís money on myself. And if I spend somebody elseís money on myself, then Iím sure going to have a good lunch! Finally, I can spend somebody elseís money on somebody else. And if I spend somebody elseís money on somebody else, Iím not concerned about how much it is, and Iím not concerned about what I get. And thatís government. And thatís close to 40% of our national income."


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