{"id":36913,"date":"2017-12-21T01:00:23","date_gmt":"2017-12-21T06:00:23","guid":{"rendered":"http:\/\/quotulatiousness.ca\/blog\/?p=36913"},"modified":"2017-12-08T09:09:39","modified_gmt":"2017-12-08T14:09:39","slug":"qotd-milton-friedmans-four-types-of-spending","status":"publish","type":"post","link":"https:\/\/quotulatiousness.ca\/blog\/2017\/12\/21\/qotd-milton-friedmans-four-types-of-spending\/","title":{"rendered":"QotD: Milton Friedman’s four types of spending"},"content":{"rendered":"

Economist Milton Friedman famously divided spending into four types:<\/p>\n

    \n
  1. I\u2019m spending my own money on myself, in which case, I want to get the best combination of price and quality. This is the sort of spending that middle-aged women do on expensive handbags.<\/li>\n
  2. I\u2019m spending my own money on someone else, in which case I mostly care about price. This is why you get so many books you never read as gifts.<\/li>\n
  3. I\u2019m spending someone else\u2019s money on myself, in which case \u2026 WEEEEE! This is the kind of spending that employees do on expense accounts. (Though not, of course, myself. I mean a generic<\/em> employee with less moral fiber than I have).<\/li>\n
  4. I\u2019m spending someone else\u2019s money on someone else, in which case \u2026 ah, who cares?<\/li>\n<\/ol>\n

    Megan McArdle, “Republicans Should Save These 3 Unpopular Parts of Obamacare”, Bloomberg View<\/em><\/a>, 2017-01-05.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

    Economist Milton Friedman famously divided spending into four types: I\u2019m spending my own money on myself, in which case, I want to get the best combination of price and quality. This is the sort of spending that middle-aged women do on expensive handbags. I\u2019m spending my own money on someone else, in which case I […]<\/p>\n","protected":false},"author":1,"featured_media":35193,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[25,57,41],"tags":[1026],"class_list":["post-36913","post","type-post","status-publish","format-standard","hentry","category-economics","category-humour","category-quotations","tag-microeconomics"],"jetpack_featured_media_url":"https:\/\/quotulatiousness.ca\/blog\/wp-content\/uploads\/2016\/06\/favicon.png","jetpack_shortlink":"https:\/\/wp.me\/p2hpV6-9Bn","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/36913","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/comments?post=36913"}],"version-history":[{"count":1,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/36913\/revisions"}],"predecessor-version":[{"id":36914,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/36913\/revisions\/36914"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/media\/35193"}],"wp:attachment":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/media?parent=36913"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/categories?post=36913"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/tags?post=36913"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}