تمهيد طبعة ١٩٨٢
(1)Commentary , April 1978, pp. 29-71.
(1)Joseph Schumpeter, History of Economic Analysis (New York: Oxford University Press, 1954) p. 394.
الفصل الثاني: دور الحكومة في المجتمعات الحرة
(1)A. V. Dicey, Lectures on the Relation between Law and Public Opinion in England during the Nineteenth Century (2d. ed.; London: Macmillan & Co., 1914), p. li.
الفصل الثالث: الرقابة الحكومية على النقود
(1)A Program for Monetary Stability (New York: Fordham University Press, 1959) pp. 4-8.
(2)See my A Program for Monetary Stability and Milton Friedman and Anna J. Schwartz, A Monetary History of the United States, 1867-1960 (forthcoming by Princeton University Press for the National Bureau of Economic Research).
(3)A Program for Monetary Stability, op. cit., pp. 77-99.
الفصل الرابع: النظم المالية والتجارية الدولية
(1)A warning is in order that this is a subtle point that depends on what is held constant in estimating the free market price, particularly with respect to gold’s monetary role.
(2)There are conceivable exceptions to these statements but, so far as I can see, they are theoretical curiosities, not relevant practical possibilities.
الفصل الخامس: السياسة المالية
(1)A Program for Monetary Stability, (New York: Fordham University Press, 1959), p. 23.
(2)Some of the results are contained in Milton Friedman and David Meiselman, The Relative Stability of the Investment Multiplier and Monetary Velocity in the United States, 1896-1958 (forthcoming publication of Commission on Money and Credit).
الفصل السادس: دور الحكومة في التعليم
(1)It is by no means so fantastic as may appear that such a step would noticeably affect the size of families. For example, one explanation of the lower birth rate among higher than among lower socio-economic groups may well be that children are relatively more expensive to the former, thanks in considerable measure to the higher standards of schooling they maintain, the costs of which they bear.
(2)A striking example of the same effect in another field is the British National Health Service. In a careful and penetrating study, D. S. Lees establishes rather conclusively that, “Far from being extravagant, expenditure on NHS has been less than consumers would probably have chosen to spend in a free market. The record of hospital building in particular has been deplorable.” “Health Through Choice,” Hobart Paper 14 (London: Institute of Economic Affairs, 1961), p. 58.
(3)See George J. Stigler, Employment and Compensation in Education (“Occasional Paper” No. 33, [New York: National Bureau of Economic Research, 1950]), p. 33.
(4)I am abstracting from expenditures on basic research. I have interpreted schooling narrowly so as to exclude considerations that would open up an unduly wide field.
(5)I have used Ohio rather than Illinois, because since the article of which this chapter is a revision was written (1953), Illinois has adopted a program going part-way along this line by providing scholarships tenable at private colleges and universities in Illinois. California has done the same. Virginia has adopted a similar program at lower levels for a very different reason, to avoid racial integration. The Virginia case is discussed in chapter vii.
(6)The increased return may be only partly in a monetary form; it may also consist of non-pecuniary advantages attached to the occupation for which the vocational training fits the individual. Similarly, the occupation may have non-pecuniary disadvantages, which would have to be reckoned among the costs of the investment.
(7)For a more detailed and precise statement of the considerations entering into the choice of an occupation, see Milton Friedman and Simon Kuznets, Income from Independent Professional Practice (New York: National Bureau of Economic Research, 1945), pp. 81-95, 118-37.
(8)See G. S. Becker, “Underinvestment in College Education?” American Economic Review, Proceedings L (1960), 356-64; T. W. Schultz, “Investment in human Capital,” American Economic Review, LXI (1961), 1-17.
(9)Despite these obstacles to fixed money loans, I am told that they have been a very common means of financing education in Sweden, where they have apparently been available at moderate rates of interest. Presumably a proximate explanation is a smaller dispersion of income among university graduates than in the United States. But this is no ultimate explanation and may not be the only or major reason for the difference in practice. Further study of Swedish and similar experience is highly desirable to test whether the reasons given above are adequate to explain the absence in the United States and other countries of a highly developed market in loans to finance vocational education, or whether there may not be other obstacles that could be removed more easily.
In recent years, there has been an encouraging development in the U.S. of private loans to college students. The main development has been stimulated by United Student Aid Funds, a non-profit institution which underwrites loans made by individual banks.
(10)It is amusing to speculate on how the business could be done and on some ancillary methods of profiting from it. The initial entrants would be able to choose the very best investments, by imposing very high quality standards on the individuals they were willing to finance. If they did so, they would increase the profitability of their investment by getting public recognition of the superior quality of the individuals they financed: the legend, “Training financed by XYZ Insurance Company” could be made into an assurance of quality (like “Approved by Good Housekeeping”) that would attract custom. All sorts of other common services might be rendered by the XYZ company to “its” physicians, lawyers, dentists, and so on.
(11)I am indebted to Harry G. Johnson and Paul W. Cook, Jr., for suggesting the inclusion of this qualification. For a fuller discussion of the role of non-pecuniary advantages and disadvantages in determining earnings in different pursuits, see Friedman and Kuznets, loc. cit.
الفصل السابع: الرأسمالية والتمييز العنصري
(1)In a brilliant and penetrating analysis of some economic issues involved in discrimination, Gary Becker demonstrates that the problem of discrimination is almost identical in its logical structure with that of foreign trade and tariffs. See G. S. Becker, The Economics of Discrimination (Chicago: University of Chicago Press, 1957).
(2)To avoid misunderstanding, it should be noted explicitly that in speaking of the proposal in the preceding chapter, I am taking it for granted that the minimum requirements imposed on schools in order that vouchers be usable do not include whether the school is segregated or not.
الفصل الثامن: الاحتكار والمسئولية الاجتماعية لرجال الأعمال والنقابات العمالية
(1)G. Warren Nutter, The Extent of Enterprise Monopoly in the United States, 1899-1939 (Chicago: University of Chicago Press, 1951) and George J. Stigler, Five Lectures on Economic Problems (London; Longmans, Green and Co., 1949), pp. 46-65.
(2)“Some Comments on the Significance of Labor Unions for Economic Policy,” in David McCord Wright (ed.), The Impact of the Union (New York: Harcourt, Brace, 1951), pp. 204-34.
(3)The Wealth of Nations (1776), Bk. I, chap. x, Pt. II (Cannan ed. London, 1930), p. 130.
(4)Ibid, Bk. IV, chapter ii, p. 421.
الفصل التاسع: ترخيص مزاولة المهنة
(1)Walter Gellhorn, Individual Freedom and Governmental Restraints (Baton Rouge: Louisiana State University Press, 1956). Chapter entitled “The Right to Make a Living,” p. 106.
(2)Ibid. pp. 140-41.
(3)Ibid., pp. 129-30.
(4)In fairness to Walter Gellhorn, I should note that he does not share my view that the correct solution to these problems is to abandon licensing. On the contrary, he thinks that while licensing has gone much too far it has some real functions to perform. He suggests procedural reforms and changes that in his view would limit the abuse of licensure arrangements.
(5)Ibid., pp. 121-22.
(6)Ibid., p. 146.
(7)See, for example, Wesley Mitchell’s famous article on the “Backward Art of Spending Money,” reprinted in his book of essays carrying that title (New York: McGraw-Hill, 1937), pp. 3-19.
(8)See Reuben Kessel, “Price Discrimination in Medicine,” The Journal of Law and Economics, Vol. I (October, 1958), 20-53.
الفصل العاشر: توزيع الدخل
(1)Principles of Political Economy (Ashley edition; London: Longmans, Green & Co., 1909), p. 751.
(2)This point is so important that it may be worth giving the figures and calculations. The latest year for which figures are available as this is written is the taxable year 1959 in U. S. Internal Revenue Service, Statistics of Income for 1959. For that year: Aggregate taxable income reported on:
|Individual tax returns||$166,540 million|
|Income tax before tax credit||39,092 million|
|Income tax after tax credit||38,645 million|
A flat rate tax of 23(1/2) per cent on the aggregate taxable income would have yielded (.235) x $166,540 million = $39,137 million.
If we assume the same tax credit, the final yield would have been about the same as that actually attained.
الفصل الحادي عشر: إجراءات الرفاهية الاجتماعية
(1)Another current example of the same argument is in connection with proposals for federal subsidies for schooling (misleadingly labeled, “aid to education”). A case can be made for using federal funds to supplement schooling expenditures in the states with the lowest incomes, on the grounds that the children schooled may migrate to other states. There is no case whatsoever for imposing taxes on all the states and giving federal subsidies to all the states. Yet every bill introduced into Congress provides for the latter and not the former. Some proponents of these bills, who recognize that only subsidies to some states can be justified, defend their position by saying that a bill providing only for such subsidies could not be passed and that the only way to get disproportionate subsidies to poorer states is to include them in a bill providing subsidies to all states.
الفصل الثاني عشر: تخفيف حدة الفقر
(1)This figure is equal to government transfer payments ($31.1 billion) less veterans’ benefits ($4.8 billion), both from the Department of Commerce national income accounts, plus federal expenditures on the agricultural program ($5.5 billion) plus federal expenditures on public housing and other aids to housing ($0.5 billion), both for year ending June 30, 1961 from Treasury accounts, plus a rough allowance of $0.7 billion to raise it to even billions and to allow for administrative costs of federal programs, omitted state and local programs, and miscellaneous items. My guess is that this figure is a substantial underestimate.
(2)A. V. Dicey, Law and Public Opinion in England, (2d ed., London: Macmillan, 1914), p. xxxv.
الفصل الثالث عشر: الخاتمة
(1)A. V. Dicey, op. cit., pp. 257-8.