Milton Friedman on the four ways you can spend money
Published in
1 min readDec 30, 2015
- You can spend your own money on yourself. When you do that, why then you really watch what you’re doing, and you try to get the most for your money.
- You can spend your own money on somebody else. For example, I buy a birthday present for someone. Well, then I’m not so careful about the content of the present, but I’m very careful about the cost.
- I can spend somebody else’s money on myself. And if I spend somebody else’s money on myself, then I’m sure going to have a good lunch!
- I can spend somebody else’s money on somebody else. And if I spend somebody else’s money on somebody else, I’m not concerned about how much it is, and I’m not concerned about what I get.