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Freedom to Dream
Thanks to the University of Chicago for hosting us today. It's good to see so many scholars from the School of Public Policy. And it is an honor to visit the campus that houses the Becker-Friedman Institute.
Milton Friedman used to tell a story about a trip he took to Asia in the 1960s. Some government officials there asked him to visit the site of a massive public works project. When he got there, he saw thousands of workers trying to build a canal with shovels.
Milton turned to one of the officials and asked him why there were so few machines. The bureaucrat said, "You don't understand. This is a jobs program."
Milton replied, "Oh, I thought you were trying to build a canal. If it's jobs you want, then you should give these workers spoons, not shovels."