Friedman's grasp of microeconomics
Reader comment on: Friedman on a Gas Tax
Submitted by Fred Van Bennekom (United States), Feb 24, 2011 07:16
Several years ago on the Charlie Rose show, Friedman proposed the $1/gallon tax. He intoned (in that Friedmanesque way), "Just think. Each of those dollars would be one less dollar we'd be paying those hostile regimes in the Middle East." (That's not an exact quote, but very true to his message.) Friedman's mastery of microeconomics and demand elasticity is clearly razor thin. A gas tax is also highly regressive.
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